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American business executives are enthusiastic about innovation prospects globally, according to the 2005 Innovation Survey released by the Council on Competitiveness and New Economy Strategies. This finding is consistent with the growing evidence of significant investments abroad in science and technology.
Contrarily, the survey found that executives are neutral to slightly positive about the innovation climate in the Untied States.
“This survey should serve as a wake-up call to business leaders across the United States,” said Deborah L. Wince-Smith, President of the Council on Competitiveness. “Innovation is perhaps the single most important factor in maintaining the U.S. competitive advantage in global markets and in driving a higher quality of life in the long-run, and it must be integrated at all levels into our corporate cultures.”
Survey’s results:
* American business executives are neutral to slightly positive about the innovation
climate in the United States, but signifi cantly more enthusiastic about innovation
prospects globally.
* Survey respondents report that they collaborate most frequently with customers and
suppliers � indicating that innovation is occurring increasingly on both sides of the
cash register � and less frequently with university faculty, federal labs and research
centers, and private, non-profi t institutions.
* When asked to rank the most valuable assets to their company�s innovation capacity,
survey respondents indicate that their highest priorities are access to a science and
engineering talent pool, supplier and customer relations, availability of entrepreneurial
managers and a communications infrastructure.
* Survey respondents identify poor communications infrastructure, inadequate science
and engineering talent pool, low quality of life, and a poor K-12 educational system
as the top factors that eliminate regions from a company�s candidate list of prospective
sites to create or relocate innovation centers.
* American business executives see their prospects for innovation growing over the next
four years. Nearly half believe that innovation drives productivity gains.
* According to the survey respondents, innovation is not the principal driver of today�s
competitiveness. When asked to rank the factors that are most important in competing
for customer sales, executives rank low price and quick delivery as the highest
priorities.
* Survey respondents more frequently characterize their innovative activities as product
modifi cations or line extensions rather than new product introductions.
* Business executives cite internal barriers to innovation as the key challenge, with
competing management priorities due to fi nite resources as the most frequently cited
barrier.
Sources
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United States� National Innovation Initiative