Businesses that consistently invest in R&D are 13% more productive than firms that do not invest in R&D and 9% more than firms which occasionally invest in R&D

Name: Innovolo Ltd
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84% of executives say that innovation is important to their growth strategy

In the last 100 years alone, GDP per person in the UK has increased by 340%

1 out of 5 products fails to meet the customer expectations

12% of UK firms, engaging in some form of innovation activity, consider UK regulations a barrier to innovation

12% of organisations' resources will be wasted in 2022 due to ineffective project management

13% of organisations use customer satisfaction with new products as a lag innovation metric

16% of organisations use revenue growth from new products or services as a lag innovation metric

30% of 3Ms profit should come from products introduced in the last four years

30% of Need Seeker organisations have highly aligned business and innovation strategies

32% of UK innovative businesses reported that the meeting of regulatory requirements was of ‘high’ importance to their decision to innovate

35% of companies consider their customers as the most important innovation partner

4% of executives have not defined innovation as a strategic priority

40% of leaders in the U.K fear failures of disruptive ideas

54% of companies say their customer engagement strategy drives innovation from early ideation

54% of innovating organisations have trouble aligning innovation strategy and the larger business strategy

60% of respondents believe internal employees to be the most important partners to deliver people-powered innovation

61% of companies now use open innovation compared with 34% using traditional R&D

69% of respondents believe sales growth to be the most meaningful indicator of innovation impact

69% of respondents believe that product management is a leadership role

71% of executives claim to be satisfied with the innovation metrics they are using

76% of respondents using hybrid R&D resourcing said innovation is not focused solely on new products, but the entire business model

76% of respondents using hybrid R&D resourcing said they have a clear understanding of future innovations that can disrupt their industry

79% of C-suite executives say their organisations are tolerant of failure

80% of digitally mature companies create partnerships with other organisations to accelerate innovation

80% of respondents using hybrid R&D resourcing said their organisations had well-defined and ambitious innovation targets

80% of respondents using hybrid R&D resourcing said their organisations invests sufficiently in projects with a long-term horizon

81% of respondents at digitally mature companies cite innovation as a strength of their organisations, compared with 36% from developing companies and only 10% from early-stage companies.

82% of respondents using hybrid R&D resourcing said their innovation strategy and roadmap is clearly defined and documented

83% of digitally mature companies depend on cross-functional teams internally to advance their innovation

84% of consumers pay attention to a company's innovative capabilities when purchasing

84% of executives considered their future success to be very or extremely dependent on innovation

86% of respondents from digitally maturing companies say that 10% or more of work involves experimenting or innovating

91% of marketers are leading and supporting innovation initiatives. 62% are solely responsible for such initiatives.

A fully optimised product manager could increase company profits by 34.2%

Alphabet invested 19% of gross profit into research and development in 2018

Ambidextrous organisations succeeded in breakthrough innovation 90% of the time

Around 70% of companies outsource some elements of their R&D work

Around 93% of executives believe organic growth can increase revenue through innovation

Chemistry SMEs are approximately twice as likely to be investing in R&D as other SMEs

Companies reported cost as the biggest barrier to conducting R&D

Design-driven companies show 10-year returns of 219%

In 2021, high-tech products represented 19% of total EU imports and 18% of total exports

Innovative organisations have 11% more revenue

Innovative organisations have 22% more EBITDA growth

Leadership challenges include competing internal agenda and goals (56%); overcoming the middle management "permafrost" layer (45%), and moving forward despite deferred commitments and actions (33%)

Marketing innovation is challenged by risk resistance (46%), inability to measure impact (41%), and talent shortages (41%)

Nearly 30% of senior innovators are actively targeting AI in their innovation programs

Nearly 75% of global executives say a lack of skills is the biggest issue they face, and 64% say it hinders innovation

Only 32% of executives who claim to be satisfied with the innovation metrics they are using enabled them to use data for actionable purposes

Only 40% of products launched survive on the market. Of those 40%, only 60% gain any revenue

Only 43% of business managers agree that innovation is a competitive element in organisations

Only 47% of people believe that innovation has had a positive impact on people like themselves

Only 6% of executives are satisfied with innovation performance

Only a quarter of UK Boards make innovation a priority

Only one-third of the U.K. business leaders are innovating successfully enough to generate revenue or measurable growth

Organisations that are not ambidextrous only succeed in breakthrough innovation 25% of the time

Organisations with both highly aligned business & innovation strategies, as well as a pro-innovation culture, have 30% higher growth on their enterprise's value.

Over 25% of C-level executives said they have a designated innovation leader, such as a chief innovation officer. In addition, 42% say they will create such a role to foster innovation.

Over 30% of senior innovators surveys expect AI to be a leading area of innovation in the next 3-5 years

Samsung invested 28% of gross profit into research and development in 2018

South Korea and Israel are the biggest R&D spenders worldwide.

The UK ranks 4th in the Global Innovation Index 2021

The average organisation uses 8 separate metrics to measure innovation

The average time of an innovation leader’s career is 18.6 years, and they spend an average of 3.2 years in the position.

The number of UK innovation active businesses decreased from 49% in 2014-2016 to 38% in 2016-2018

The world's 1000 biggest companies increased their R&D spending by 11.4% to $782 billion in 2018

To engage employees in innovation, 44% of companies provide incentives for innovative accomplishments, 43% support external workshops or training, and 42% offer special innovation-focused events like hackathons.

Top drivers for innovation include enhancing customer experience (53%), driving revenue growth (53%), and developing new products and services (45%)

Two-thirds of UK business leaders surveyed said innovation was important to their organisation's success

With less than 1% of the world’s population, the UK accounts for 4% of researchers