The Booz & Company’s
Annual Global Innovation 1000 study
shows that
“Specifically,
the 44 percent of companies
who reported that
their innovation strategies are clearly aligned
with their business goals —
and that their cultures strongly support
those innovation goals —
delivered 33 percent higher
enterprise value growth and
17 percent higher profit growth
on five-year measures
than those lacking such tight alignment.”
Interestingly,
this alignment has a bigger impact
on innovation success
than R&D spend.
In other words,
if your company doesn’t support innovation
and doesn’t have innovation
as part of the greater business goals,
it doesn’t matter how much
you spend on R&D.
You’re less likely to be successful.
Work on your company culture
before you spend on R&D.