Over the next five years, the most innovative companies in the world will grow at a rate of 62.2%, as compared to a 21% average for all the businesses analysed. Having interviewed 1,757 C-suite executives in more than 25 countries, PwC’s The Global Innovation Survey shows direct links between growth and innovation – a key driver for companies’ development.
Regardless of sector or geography, the survey reveals that innovation leaders are breaking away from their cohorts: the top 20% of innovators ‘earned […] 250m over those three years [from 2012 to 2014] [more] than the rest of the population’, says David Percival, the report’s co-author and PwC’s global client lead for innovation practice. These leaders are also expecting a revenue boost of a quarter-trillion US dollars for the next five years alone.
But what exactly are they doing differently? Structure, leadership and commitment to innovation appear to be making the difference. Among other attributes, leading companies have a coherent strategy (79% of the most innovative companies vs. 47% of the least inventive), collaborate over three times more with partners (34% to 10%) and recognise innovation as a competitive necessity (67% vs 19%).