Building on the findings from last year's Innovation Survey, Plante Moran is back for a third year asking organizations throughout the Midwest what fuels innovation in their organizations.
The third annual Innovation Survey from the public accounting, tax, and business advisory firm will again ask Midwest businesses and organizations to share how they use innovation to increase revenue, improve quality, and cut costs. New to the survey this year will be three sections exploring collaboration, which was identified by the 2012 innovation "superstars" as key to their success.
This year the innovation survey will continue to chart attitudes toward innovation and investigate the level of interest in, and perceived barriers to, partnering for innovation.
"Our goal for the survey is to provide a better understanding of the innovation process", said Gordon Krater, Plante Moran managing partner. "Last year our analysts charted the characteristics of innovators and documented techniques for improving innovation efforts. This year we're building on that effort and we consider the survey a conversation starter among organizations looking for ways to improve. The more people who contribute to the conversation, the stronger the information we have to share."
The ten-minute innovation survey asks C-suite executives and innovation team leaders to answer questions designed to measure innovation activity, the business value of innovation, and drivers and constraints on innovation.
Last year, executives from more than 550 businesses, nonprofits, and governmental entities from Michigan, Illinois, Ohio, and Indiana took the survey, which found that:
- Organizations that make a deliberate choice to build and nourish innovation can earn a significant payoff for their efforts.
- Survey respondents said they generated 16 percent of their revenue from new products or services introduced in the last three years.
- Innovators can be divided into four categories, from "accidental innovators" who dabble to "superstars", who adopt deliberate innovation practices, establish budgets, and publicly reward employees for ideas that emerge.
All survey participants will receive a customized report benchmarking their organization's innovation quotient against best-in-class practices. All participants will get an advanced release of the report. The study wraps up in mid-July.
This year's partners for the survey include: the National Center for the Middle Market, NewNorth Center, the Technology Entrepreneurship and Commercialization Institute at The Ohio State University, the Technology Report at CBS Radio in Detroit, and the World Industrial Reporter.
Source: Plante Moran