How Budgets & Corporate Culture Stifle Innovation
While most organizations have incorporated innovation into their must-do agenda for at least a couple of years now, very few of them are devoting more than a slim fraction of their budget to these initiatives, according to a recent survey from Imaginatik. The resulting "State of Global Innovation" report reveals that companies view innovation as a means to address changing customer demands, while also keeping up with the pace of technology change. Subsequently, many business leaders expect to introduce new products to the market. But, in addition to budget issues, many survey respondents said the lack of a supportive organizational culture and mindset is holding back efforts. "Innovation is a nice aspiration, but it still feels decidedly alien in most corporate settings," the report stated. "Many companies hear the distant specter of external change, but not loudly enough to force unconditional action now. Yet, for most organizations, it's just a matter of time before the need to innovate becomes a deafening roar, and heretofore tentative efforts suddenly become urgent, accelerated and well-funded." C-level executives, managers and other professionals representing a total of 200 organizations took part in the research.