According to the latest PricewaterhouseCoopers (PwC) Trends Barometer, growth companies that make innovation a priority are on a faster track than the rest. And the news gets better. Because most of these companies' innovation programs have not yet reached maturity, the best may be yet to come.
Three quarters of the CEOs of firms defined as fast-growth firms say innovation is an organization-wide priority. Even more (79 percent) report that innovation is evident in their corporate strategy.
Other findings include:
- 67 percent of CEOs of fast-growth companies state that innovation is evident in their new product development
- 63 percent of these CEOs state that innovation is evident in their corporate values
- 53 percent of these CEOs state that innovation is present in their human resources programs
- 55 percent of these companies encourage innovation through their product development methodologies
- 51 percent of these companies encourage innovation through employee recognition and award programs
- 46 percent of these companies encourage innovation through alliances or partnerships with leading-edge companies
"It is essential that management and employees 'talk the talk' and 'walk the walk' together, and that innovation is well-recognized and rewarded at all levels," stated Steve Hamm, managing partner of PwC's middle market advisory services.