Survey Forecasts Growing Innovation Budgets in 2016
To Succeed, Innovative Companies Need to Be Decisive and Fearless in Opening-Up
CLEVELAND, Sept. 15, 2015 /PRNewswire/ -- Results from a new national survey shows companies adopting open innovation (OI) to out-pace competitors and lead their industries in an increasingly aggressive global landscape. Innovation leader NineSigma is urging organizations to adopt more openness and collaboration, both internally and externally, to sustain optimum growth and success.
The research was conducted online in July and August 2015 by Harris Poll® on behalf of NineSigma, and tapped over 300 executives at companies with $1 billion or more in revenues. The survey finds executives affirming that external collaborations offer a fast lane to accelerate innovation and overcome their biggest challenges, and they are allocating resources accordingly:
- Eighty-five percent say their company effectively leverages innovation to stay ahead of competitors.
- Eighty-five percent say their company has the resources and capabilities to leverage innovations from external partners.
- Seventy-seven percent of corporate executives expect their company to increase its budget for innovation programs in 2016.
- Seventy-two percent expect their company's investment in projects with outside innovation firms to increase in 2016.
- Sixty-four percent say their company is using prize-based competitions to innovate their products and services.
"We're pleased to see companies embracing open innovation, and now is the time to take it to the next level. It's crucial to bring the strategic planning functions together—marketing, R&D, procurement, etc.—with a unified understanding of how open innovation can deliver the most important competitive advantages," said Dr. Andy Zynga, CEO of NineSigma.
Through OI, organizations reach beyond their walls, their geographies and their industries to share innovation challenges with a global network of scientific and technical experts. From Technical Searches (RFPs) to Innovation Contests and Grand Challenges to branded online innovation galleries, NineSigma has honed methodologies to support organizations like Electrolux, Johnson Controls, KraftHeinz, Mondelez International, Pfizer, Sappi, Sealed Air, Tata Steel and Unilever in sharing crucial needs with the world, and attracting game-changing solutions. By being strategically transparent about innovation needs, NineSigma's clients attract experts ready to help accelerate product development and cut time to market.
Increasingly, seizing external solutions requires bold and decisive action. When all stakeholders share an understanding of their organization's innovation priorities and how they contribute to business growth, they'll race to make it happen. "For example, we recently facilitated a connection between companies in China and France that were uniquely positioned to help one another. Within 24 hours, they had signed an NDA and were well on their way to collaborating," he noted. "Speed and agility make a tremendous difference in the competitive arenas our clients operate in," said Dr. Zynga.
Today, companies have what it takes to leverage open innovation successfully, and they understand its importance. Moving forward, with the growth of innovation spending in 2016, NineSigma sees the alignment of organizational departments around a unified methodology as the key to making the most of their continued investment in OI.
Survey Methodology
Harris Poll® conducted the survey online on behalf of NineSigma within the United States from July 29 – August 3, 2015, among a total of 319 corporate executives at companies with revenue of $1 billion or more. No estimates of theoretical sampling error can be calculated. For complete methodology, including weighting variables, and further information about NineSigma, please contact Jackie Lucas, Warner Communications at [email protected].
About NineSigma
NineSigma connects organizations with external innovation resources to accelerate innovation in private, public and social sectors. NineSigma has the largest open global network of solution providers and an extensive database of existing solutions spanning numerous industries and technical disciplines. In 2015, the company was again named to the Inc. 5000 list of fastest growing private companies in America. Learn more at www.ninesigma.com or www.ninesights.com.
Press Contact
Jackie Lucas, Warner Communications, [email protected], 978-255-1159
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SOURCE NineSigma
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