GE's third annual survey of business executives worldwide shows Canada
in top quartile for innovation - while framework is strong, country
must move from ideas to execution
MISSISSAUGA, ON, Jan. 17, 2013 /CNW Telbec/ - While Canada has a strong
foundation for innovation, a new survey suggests that businesses need
to strengthen their ability to execute on product, service and process
improvements. That's according to Canadian business executives in the
third annual "Global Innovation Barometer" released today by GE (NYSE:
GE). The study compares executive perceptions of innovation in 25
global markets including Canada.
Canada ranks in the top quartile on GE's innovation scorecard, along
with Germany, Japan and the U.S. Almost 9 in 10 Canadian executives or
87% report innovation is a strategic priority for their business, and
96% believe that small and medium enterprises and individuals can be as
innovative as large companies.
Canadian business executives identified increased collaboration as one
of the keys to successful innovation, a means to surpass competitors
and generate revenue. Results showed 85% of Canadian respondents would
partner first to enter new markets (6% above global average), and 83%
would partner to improve an existing product or service (8% above
Despite the acknowledgement of the importance of collaboration, many
Canadian businesses seem unwilling to share the resulting risks and
rewards. Only 11% of Canadian executives surveyed said their firm would
be open to sharing the revenue stream or losses that could be generated
through a collaborative innovation. That's the lowest of all countries
GE surveyed (global average is 28%). About two-thirds of Canadian
business executives raised a lack of protection of
confidentiality/intellectual property (68%) and a lack of trust (64%)
as concerns, both well above the global average.
"To succeed in global markets, the survey findings suggest that Canadian
businesses will need to leverage Canada's solid innovation foundation,
by increasing tolerance for sharing risk, developing new business
models and undertaking greater collaboration," says Elyse Allan,
President and CEO, GE Canada.
While new products and services have historically been the main driver
of growth, innovation takes on many forms. Business model innovation -
e.g. process improvements and executing with greater speed - is gaining
momentum as a route to success, and may offer a less risky and
resource-intense path to be competitive. In fact, 76% of Canadian
executives believe that developing new business processes will improve
profitability (13% above global average).
In order to innovate successfully, Canadian executives identified
several key factors to success:
88% identified the need to attract and retain innovative people (15%
above global average)
80% said create an environment and culture conducive to innovation (16%
above global average)
69% want to challenge generally accepted practices and ways of working
(15% above global average)
Canadian business leaders also recognize the role of public policy in
creating the conditions for innovation, and are calling on policy
makers to take action on several fronts:
59% encourage a stronger entrepreneurial culture in the education system
(9% above global average)
52% would like to ensure that business confidentiality and trade secrets
are adequately protected (11% above global average)
51% want to see policy makers fight bureaucracy and red tape for
companies willing to access funds and incentives allocated to
innovation (3% above global average)
GE commissioned the annual survey to explore how business leaders around
the world view drivers and barriers to innovation, and how those
perceptions influence strategy. StrategyOne, an independent research
and consulting firm, conducted the study.
About GE's Global Innovation Barometer:
The research was commissioned by GE and conducted by StrategyOne between
October 22, 2012, and December 5, 2012. Interviews with the 3,100
senior business executives were conducted by telephone across 25
countries. All respondents are VP level or above and directly involved
in their company's innovation processes. Twenty-eight percent of those
surveyed are at the C-suite level. The countries included in the
research are: Australia, Brazil, Canada, China, Germany, India,
Ireland, Israel, Japan, Malaysia, Mexico, Netherlands, Nigeria, Poland,
Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden,
Turkey, UAE, UK, USA and Vietnam.
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 Not just imagining. Doing. GE works.
For more information, visit the company's website at www.ge.com.
In Canada, GE has operations across the country, including major
manufacturing, sales and service locations with 7,000 employees. Follow
GE Canada on Twitter at: http://twitter.com/GE_Canada and YouTube at http://www.youtube.com/user/GECanada. For more information on the Canadian GE Global Information Barometer
results visit www.ge.com/ca and follow hashtag #GEGIB.
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.
SOURCE: General Electric Canada Inc.
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