- A positive perspective on Innovation with 92 percent respondents believing that local context for innovation in India has improved in the last 5 years
- Human capital, IP protection and long-term investment emerge as top enablers
- Energy, Healthcare & Telecommunication emerge as the three top sectors in India with the highest innovation driven growth potential
New Delhi, January 18, 2012: GE (NYSE: GE) today released the results of its second annual "Global Innovation Barometer", a report that outlines the global context for innovation including India. The survey, conducted amongst 200 business executives in India, identifies top enablers for innovation in India as talent ('creative' talent and people with technical expertise), financial support from public authorities and long term support from investors. The report indicates a 'balanced' perception of the environment for innovation in India, with respondents more satisfied with private investment and government support for innovation. However, IP protection and R&D partnerships with academic universities persist as key challenges in creating an innovation friendly environment in the country.
The "GE Global Innovation Barometer" was commissioned by GE and conducted by research and consulting firm, StrategyOne, to identify drivers and deterrents of innovation as well as to analyze perceptions around innovation opportunities and challenges. The report has covered 22 countries across the world.
"Creating conditions for meaningful innovation requires the right blend of internal and external factors that can readily be adapted to meet individual market and customer needs," said Beth Comstock, senior vice president and chief marketing officer of GE while releasing the global report of the Innovation Barometer. "Fortunately, this year's study suggests that companies interested in competing are up for the challenge, ready to adopt and deploy a modern approach to innovation that will deliver both value and meaningful solutions", she added.
While India shares the global sentiment that great innovations will address human needs over profit, there is a less than average belief that great innovations bring value to society as a whole (78 percent). Further, large companies are still seen as number one in terms of driving innovation in the future (from 27 percent in 2010 to 36 percent in 2011). Only 17 percent of the respondents agree that a combination of players partnering together will drive innovation in the next decade against the global average of 38 percent.
"Compared to other BRIC markets, India has probably the most balanced perceptions related to innovation. China, Brazil or Russia tend to be more extreme in their answers, in India one can sense consistency in the development of the Innovation framework and this is probably a very strong asset to boost the country's competitiveness", shared Antoine Harary, Executive Vice-President, StrategyOne, in-charge of the survey.
Innovation for Local Market needs
A resounding 83 percent respondents believe that innovation must meet local market requirements. This further reiterates GE's strategy to invent and build things that matter to India by partnering with India. John Flannery President and Chief Executive Officer of GE India said, "To address the needs of our local customers, GE is ensuring that innovation continues to be at the core of our growth strategy. Over the last few years, our engineers have focused on developing customized products and solutions that help solve the challenges of our stakeholders in India."
Impact of economic slowdown on Innovation
Sharing the impact of the slowdown in their respective companies, 77 percent of the respondents shared that firms are reassessing current risks and are taking fewer risks (68 percent). Sixty five percent (65%) said access to private and public funding has become more difficult and there has been a greater focus on incremental innovation and processes (76 percent).
Energy, Healthcare, Telecommunications, FMCGs leading Innovation
According to the findings, respondents find Energy (23 percent), Healthcare (16 percent), Telecommunication (13 percent) followed by Fast Moving Consumer Goods (FMCG 11 percent) as economic sectors with the most innovation driven growth potential.
Further, respondents from India report contrasting perceptions with reference to the way their country is allocating resources and budget to address national priorities. Results are specifically negative on healthcare and social inequalities; and to a lesser extent on energy security. Yet, India business evaluates their country resource allocation above the global average on education, jobs and R&D.
For more information on the survey, please visit:
For global findings and visuals of the GE Innovation Barometer 2012, please visit: www.ge.com/innovationbarometer
About the Survey
The research was commissioned by GE and conducted by StrategyOne between October 15, 2011 and November 15, 2011. Interviews with the 2,800 senior business executives were conducted by telephone across 22 countries. All respondents are directly involved in their company's innovation processes and are VP and above with 30 percent of those surveyed at the C-suite level. The countries included in the research are Algeria, Australia, Brazil, Canada, China, France, Germany, India, Israel, Japan, Mexico, Poland, Russia, Kingdom of Saudi Arabia, South Africa, South Korea, Singapore, Sweden, Turkey, UAE, UK and USA.
About GE
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
About StrategyOne:
Founded in 1999 StrategyOne is an independent research company with offices in New York, Washington, DC, Paris, Abu Dhabi, London, Chicago, Brussels, Atlanta, Dubai, Houston, Rochester, San Francisco, Seattle and Silicon Valley.
For further information, please contact:
Ruchi Chawla
Communications Specialist, GE
[email protected]
Rikhil Seth
Associate Partner
Genesis Burson-Marsteller India
[email protected]
Purnima SahniMohanty
GE Corporate Manager - Communications
[email protected]
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