Deloitte’s collaboration with Fast Company on its “Survey of Innovation Excellence,” polling more than 200 named to the media brand’s list of the world’s most innovative companies, shows that half (54%) will increase their investments in innovation in 2024. As economic shadows lengthen and marketplace landscapes rapidly change, this insight is one of many throughout the survey that reveals an unwavering commitment to advance innovation.
Building agility to power experimentation
The companies committed to investing in innovation this year plan to make substantial outlays, the survey found, generally ranging from 3% to 15% of revenue. Those prioritizing innovation are using different strategies to foster a culture of dynamic ideation and effective experimentation. Some of the more significant approaches include:
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In-house R&D (75%)
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Expanding AI capabilities (44%)
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Conducting hackathons and pitch contests (48%)
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Recruiting new talent (57%)
Many companies are also eager for unexpected breakthroughs and revolutionary advancements, with 71% saying they are enthusiastic about or willing to adopt new technologies. However, another one-third are cautious or lack the budget, awareness, or risk aptitude to do so.
Despite the clear advantages of adopting a diverse range of strategies for advancing innovation, the survey also acknowledges the inherent challenges that companies face in implementing these approaches. The survey suggests, among other things, that investing in innovation goes beyond merely increasing financial allocations in order to contribute to sustainable growth and meaningful advancements. Companies should also prioritize recruiting and talent initiatives and develop strategic ecosystem partnerships (42% surveyed seeking to add or expand) — all of which are complex challenges for companies. The survey highlights that while the ambition to innovate is high, the journey remains long, with one such example showcasing that…
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