The outlook for innovation is promising
Research and Development (R&D) spending is on the rise across the globe. In an increasingly dynamic and fast-paced global economy, market conditions are evolving and there is constant demand for new products, new services and updated models. As a result, it is imperative that businesses equip themselves with a competitive edge.
In the International Innovation Barometer 2020, we have taken a deep dive into the state of innovation worldwide. Our findings reveal significant variations between country, sector and even job functions, but there are some clear trends.
The Innovation Landscape
83% of business leaders are satisfied with their current levels of R&D. However, in part as a result of the pressure being applied by global governments, they still expect activity to increase over the next three years. 75% of firms are anticipating a rise in R&D budgets – a third of whom expect this rise to be “significant”.
The environment for innovation professionals is changing rapidly and there is a recognisable buzz among the community about the current landscape. However, R&D processes and strategy could be improved. Companies need to ensure they are fully appraised of their R&D environment and that they are making the most of any opportunities.
Despite the availability of tax credits and grants, 49% of organisations funded their own R&D. Successful innovation does not happen by accident. It may be obvious to state, but organisations need a plan in place to ensure that innovation happens. They must determine both if and how they can obtain funding, and how to deploy that funding with maximum impact. As R&D edges its way up the priority list, it will be crucial for organisations to ensure they are equipped to effectively innovate for the future.
Diversity in Innovation
46% of business leaders believe diversity to be unimportant, with 23% saying it is “not important at all”. 83% of innovation teams are majority male and it’s clear there is an untapped pool of female talent.
When it comes to women in the workplace, the R&D community still has some room for improvement. Although progress is being made and many are making efforts to encourage more women to join the field, it seems that the correlation between gender diversity and innovation is still underestimated.
Ayming’s 2020 International Innovation Barometer provides comprehensive, yet accessible insights into the biggest challenges and opportunities facing R&D and finance professionals around the world.
The report provides readers with an enhanced understanding of the current international landscape for innovation, as well as an analysis of R&D and finance participants’ understanding of the funding environment and views on the business-critical issue of gender balance among innovators.
To complete the Barometer, Ayming conducted a detailed survey of 300 senior R&D professionals, CFOs, C-suite executives and business owners in the following countries: Belgium, Canada, Czech Republic, France, Ireland, Italy, Poland, Portugal, Slovakia, Spain, United Kingdom, and the United States.
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