Organizations that make a deliberate choice to build and nourish innovation can earn a significant payoff for their efforts. This conclusion is among the results of the second annual Innovation Quotient (IQ) Survey released September 17, 2012, by the public accounting, tax, and consulting firm Plante Moran and the executive education and innovation training institute NewNorth Center.
Numerous studies have shown the connection between innovation and revenue growth. The IQ Survey report goes one step further and turns the results of the 2012 survey of more than 550 innovators into a valuable self-improvement guide for the leaders of businesses, not-for-profits, and public sector organizations.
"On average, survey respondents said they generated 16 percent of their revenue from new products or services introduced in the last three years", said Jeff Mengel, a Plante Moran partner who specializes in manufacturing and distribution and who led the IQ Survey report team. "Those who achieve superstar status have innovation-hungry cultures we can all learn from."
This year's survey asked specific questions of financial, manufacturing, government, education, and not-for-profit institutions. Readers of the report can put these statistical findings in perspective by comparing their own innovation experience with the real-life stories of others in their industry. Among the leaders who tell their stories are:
- The global sustainability director at business furniture maker Steelcase in Grand Rapids, Michigan, and the executive director of the Cystic Fibrosis Foundation, Greater Illinois Regional Chapter, who talk about using innovation to fulfill the missions of their organizations.
- The presidents of two Indiana banks who discuss the importance of sharing ideas and the need for better products from their software vendors.
- An innovation consultant with offices in Detroit and Barcelona, Spain, who introduces collaboration in innovation ecosystems as a way to assemble the talent and resources needed for breakthrough innovation.
- The CEO of a senior care provider with locations in Michigan and Illinois who addresses the inevitability of change in health care.
- An innovation trainer from Cincinnati who explains the importance of a process that includes rules for when to abandon an idea.
All survey participants will receive a customized report benchmarking their organization's Innovation Quotient. To see the complete survey results, click here. A webinar on the survey results will be held September 21, 2012.
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Source: Plante Moran News Release