I have written previously about the importance of innovation and how it helps you stay ahead of your competitors. Companies across the world are increasingly investing in innovation. The last year was one of the most active innovation years in history with a 13.7% growth, according to data from Thomson Reuters’ 2016 State of Innovation Report.

Innovation growth was driven by what is termed as “collabovation,” which represents the “elegant convergence of collaboration, innovation, cultivation, cross-pollination and calibration, swirled into the powerful process of bringing inventions to life with strategic partners and suppliers.”

Companies are fostering collaborative innovation by creating innovation teams, innovation labs, and dedicated programs in which research and development are conducted to stimulate creativity, as well as create new differentiating products and services.

On a global scale, Thomson Reuters identifies the industries leading the innovation charge as follows:

  • Medical Devices (27% increase)
  • Home Appliances (21% increase)
  • Aerospace & Defense (15% increase)

Another study conducted by Indicative examining the innovation methodologies of Fortune 500 companies, revealed the following six approaches:

  1. Incrementalists
  2. Experimenters
  3. Believers
  4. Seal Teams
  5. Early Optimists
  6. Dedicated Innovators

The difference in the range of incrementalists to dedicated innovators is the development of innovation teams, the inclusiveness of the Executive C-suite, and the launching of large scale, successful initiatives.  Incrementalists are just starting to dabble in innovation, whereas dedicated innovators have implemented the culture of innovation throughout their entire organization and are regularly offering new products or services that solve actual pain points for its customers.

At Access/Information, we believe that market research is a key to innovating and expanding your business. How are you investing in innovation?