Want Growth? Innovate
Innovation, along with increasing existing business, now outranks all other means of potential expansion, including new markets, mergers and acquisitions, and joint ventures.
What's the Latest Development?
PricewaterhouseCoopers' survey of 1200 CEOs from around the world found that innovation joined increasing existing business as the leading means of potential expansion. They came ahead of other means such as moving into new markets, mergers and acquisitions, and joint ventures and other alliances.
What's the Big Idea?
The PwC study “Demystifying Innovation: take down the barriers to new growth,” urges business leaders to create a culture that is open to new approaches to innovation. Interestingly, the study found that a majority of entertainment and media CEOs (57%) expect their company's innovations will be co-developed with outside partners. And 41% of pharmaceuticals and life sciences CEOs expect the majority of their innovations will be developed in markets outside the country where they are based.