Innovation in any sized business is a difficult task. At the low end, small businesses and start-ups may be able to implement new ideas quickly, but resources can stop them from achieving scale.

At the same time, large businesses often have resources and talent pools to implement new ideas and products but the necessities of running an organisation of such a large size dictate activities that can slow progress down or erase it completely.

Also, large organisations – or SMEs – may not have processes in place which foster new ideas from the existing talent.

Of course, innovation is simply more than creating new ideas and products. As PwC’s Kate Eriksson described recently on SmartCompany, it encompasses a number of factors – including policies within an organisation, the number of new ideas generated by new staff, and the amount of finished products which actually go to market.

Innovation then is not necessarily a specific policy but rather a description of how an organisation should promote its everyday workings.

As the infographic below describes, based on PwC research 61% of worldwide CEOs say that innovation is a priority or a primary focus within their businesses – but that innovation isn’t necessarily always effect.

See the infographic below to get a feel for what some businesses want to achieve with their efforts – and what might actually stop them from getting there.

 

What really fosters innovation within business?

Contributor

John Riccio

John is PwC’s Global Design & Deploy, Experience Consulting partner.

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