Thought leaders from McKinsey, Fast Companies and Forbes pointed out NOW is the best time to invest in innovation, but is it happening in the real world?
This is the report of a short survey conducted in July 2021, which offered a glimpse of the needs and challenges faced by organizations with business operations in Hong Kong.
(1) THE MUST HAVE
"Senior leadership's direct involvement" is rated as the #1 factor contributed to highly satisfactory progress in their organization's new growth engine exploration.
(2) TOP CHALLENGE
100% of the respondents who are not satisfied with their organizations' progress in identifying the next growth engine, pointed to **"Lack of innovation know-how" **as the major challenge they face.
(3) THE LARGER, THE HARDER
"Cultural issue" emerged among respondents from organizations (above 50 in size) as obstacles in their pursuit of new ideas.
Half of the respondents from organizations (above 250 in size) cannot tell who in their organizations play the role of identifying future growth engines.
Sharing from survey respondents
While one respondent pursues innovation to combat competitors:
Due to the competitive nature growth is not an option but a matter of life and death. i.e. not only growth is a must, but the rate of growth must be insanely rapid. Innovation is the best way to ensure a quick growth.
Another respondent observes cultural obstacles in larger organization:
It has to be a complete cultural change when it comes to innovating an organisation.
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