60% of companies banked on 'innovation' during the pandemic, but will they see results?

The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Register now!

Despite plans to increase their innovation budgets in the midst of the growing COVID-19 innovation push, a majority of businesses are set to see their investments squandered due to their own internal organizational shortcomings, according to new research by Wellspring.

While 60% of respondents reported that their corporate innovation budgets were expected to increase — with many of those polled saying they expected a significant rise in investment — several persistent organizational flaws and cracks are set to undermine this investment surge and result in huge financial waste. For example, per Wellspring’s findings, a mere 6% of C-suite leaders believe that a lack of C-suite engagement in innovation is a “very significant” impediment to Innovation Ops success, versus a third of VPs and senior innovators at every other level from Manager to VP.

Wellspring also revealed that severe flaws in communication and collaboration between innovation teams also threaten to derail innovation ops efforts; two-thirds of respondents said a lack of internal coordination between innovation groups was either a “very significant” or “somewhat significant” impediment to innovation success.

Wellspring surveyed 300 senior decision makers — including directors, managers, VPs, and C-Suite executives — at companies with annual revenues of at least $1 billion in the US and UK. The study, conducted over the course of 2021, examined key topics and trends that have dominated the corporate innovation sector during the COVID-19 pandemic.

For this study, Wellspring collected quantitative survey data — based on nearly 50 research questions — from 300 mid- to senior-level innovation leaders at US- and UK-based corporations across industry sectors with annual revenues of at least $1 billion.

Read the full report by Wellspring.

VentureBeat

VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact.

Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:

up-to-date information on the subjects of interest to you
our newsletters
gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
networking features, and more

Become a member

Post Views: 211

Reporter Door

Latest and Trending News Portal

60% of companies banked on ‘innovation’ during the pandemic, but will they see results?

VentureBeat