Innovation – in the form of developing new products and services – has become as important to growth for CEOs as raising their share of existing markets. A survey by PricewaterhouseCoopers of 1200 CEOs from around the world found that innovation, along with increasing their existing business, now outstrips all other means of potential expansion, including moving into new markets, mergers and acquisitions, and joint ventures and other alliances.
According to a new PwC, study, "Demystifying Innovation: take down the barriers to new growth," the drive for innovation must arise from the CEO and other executive leadership by creating a culture that is open to new ideas and systematic in its approach to their development.
For CEOs today, innovation to fuel growth is not merely a consideration, it's an expectation. Now is the time to understand your organisation's capacity to innovate.
Whether you're in Minneapolis or Mumbai, it's clear the internet is changing the way we live our lives and conduct business. Happily, most of these changes deliver more choices with better pricing for consumers, and far greater access to new markets for businesses. Yet we know change is also disruptive.
The accelerating pace of change is a major reason why CEOs polled for PwC's 14th Annual Global CEO Survey believe innovation is now as important to growing their businesses as expanding in existing markets.
Source: this is a report by pwc - PricewaterhouseCoopers LLP