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In a global survey of executives by Harvard Business Review Analytic Services, 89% of respondents said that it takes the involvement of everyone in the organization to be successful in generating new ideas.
The most innovative companies are building innovation ecosystems in support of an enterprise-wide culture that encourages new ideas, from both inside and outside the company.
Rita McGrath, Professor of Strategy and Innovation at Columbia University, explained, “Companies know it’s important to be innovative, but they don’t know what next steps to take to become better in this area."
Nearly half of business leaders were concerned that competitors were equal to or better than them at innovation. 28% felt they were not as innovative as their competitors and another 17% said they are merely on par with their peers.
The Innovation360 framework, assessment tool and ideation platform are designed to engage all stakeholders and build strong innovation ecosystems.
Increasingly, businesses are recognizing the value of this approach, and the necessity of innovation.
Many more valuable statistics on how executives feel about the state of innovation are inside the report Innovation Ecosystems: How to Foster Business Success.