I recently reviewed the results of the 2013 GE Global Innovation Barometer. Now in its third year, the barometer surveyed more than 3,000 business executives actively engaged in the management of their firms’ innovation strategies. The survey pool covered multiple industries in 25 countries, including both developed and emerging economies, and fundamentally explored how business leaders around the world view innovation in an increasingly complex and globalized environment.
There were two insights from the study that I believe are worth highlighting:
Companies in emerging economies show greater interest in partnering. Canada needs to get on this, too!
What was most interesting, though, were the differences at the country level. For example, with the exception of China, emerging economies, including Russia, Brazil, India, South Africa and Malaysia, all scored above 90%, citing a strong desire to partner to drive their companies’ innovation and growth strategies. As for the developed countries, the United States, Australia, Sweden, and South Korea all scored 88% or above, whereas other countries, including Canada, Ireland and Japan, were noticeably lower on the scale, scoring below 80%.
Perhaps this should serve as a reminder to Canadian business executives that whether you are part of a startup or a multi-national enterprise, one of the primary ways that we as a country can compete on the global stage is to create meaningful partnerships and collaboration agreements with the right players, whether domestic or international.
Companies in emerging economies understand this and are becoming increasingly competitive with each new partnership. We have to get on this, too.