* Regional businesses are most optimistic globally on capacity of innovation to drive improvement in citizen's lives
* Respondents in the region feel environment for innovation has improved over the past five years
* Top enablers for innovation are having technical and creative personnel, long-term support from investors and public authorities
Dubai, UAE; January 24, 2012: GE (NYSE: GE) today released the results of the second annual 'Global Innovation Barometer,' a report that highlights the context for innovation across the world including the Middle East. The survey, conducted among over 200 senior level business executives in Saudi Arabia and the UAE, underlined their optimism in innovation as the game-changer for overall economic competitiveness.
The region scored higher than the global average in business confidence on the power of innovation to improve people's lives, and in the way the governments are allocating resources and budgets, across all sectors including healthcare, education and energy security.
In its second annual Global Innovation Barometer study, GE surveyed 3,000 senior business executives in 22 countries, including Saudi Arabia and the UAE. All the respondents, most of them senior vice presidents or chief executives, have direct involvement in their companies' innovation strategy and decision making. The results of the Global Innovation Barometer also confirm the belief of the region's businesses in innovation as the main driver of job creation and a greener economy.
The Barometer was commissioned by GE and conducted by independent research and consulting firm StrategyOne to identify drivers and deterrents of innovation and to analyze perceptions around innovation opportunities and challenges.
Nabil Habayeb, GE's President & Chief Executive Officer for the Middle East, North Africa and Turkey, said: "The overarching finding of the survey is that businesses in the region focus on innovation as the main driver to achieve a more competitive economy and to create jobs -- both key goals of governmental development strategies. This is a perfect fit to GE's growth approach for the region, where through localized research & development, the company has been promoting a culture of innovation to address pressing regional needs across various sectors including energy, healthcare, aviation and oil & gas."
Innovation and growth
Executives surveyed indicate that innovation and competitiveness are more connected than ever before. Ninety-two percent respondents from the Middle East agreed that innovation is the main lever for a more competitive economy, in line with the global average. Most respondents (over 80 per cent) in the region also agreed that innovation is probably the best way to create jobs and that it is the main driver to create a greener economy.
Innovation environment
Executives in the UAE and Saudi Arabia ranked high in respondents reporting the highest levels of satisfaction with their country's innovation environment. The efficiency of the government incentives to innovate and the ability to bring ideas to the market speedily were particularly ranked high. Business executives in the region also agreed that the environment for innovation has improved over the past five years -- with the results higher than the global average.
Building on partnerships
The 2012 study underlines that companies are moving beyond the traditional, closed model of innovation and embracing a new paradigm, one that engenders collaboration between several partners, values the creative power of smaller organizations and individuals, and tailors solutions to meet local needs. Businesses in the region believe that the driving force of innovation in the next decade will be a combination of players partnering together, followed by the small and medium enterprises playing a key role.
Innovation-led growth sectors
Regional business executives see the most immediate potential for innovation-driven growth in energy, healthcare, telecommunications, construction, hospitality, retail and financial services. More creative people and technical experts are high on the priority list of regional respondents in driving innovation.
Beth Comstock, Senior Vice President & Chief Marketing Officer of GE, said: "Innovation is a powerful lever to address the challenges of a growing world. It allows us to use resources more efficiently, produce more with less and deliver better technologies to help markets drive economic growth and better quality of life. We see these results, in some ways, as a rallying cry for business leaders to understand where and how their innovation strategies are being challenged and to drive towards solutions."
For more information on this study and a detailed report on results, visit: www.GE.com/innovationbarometer.
Kelly Home
ASDA’A Burson-Marsteller
[email protected]
+971 4 4507 600
Nivine William
ASDA’A Burson-Marsteller
[email protected]
+971 4 4507 600
Caroline Wehbeh
GE Communications Leader, North Africa
[email protected]
+971 4 429 6318