Research and Development (R&D) spending is on the rise across the globe. In an increasingly dynamic and fast-paced global economy, market conditions are evolving and there is constant demand for new products, new services and updated models. As a result, it is imperative that businesses equip themselves with a competitive edge.
In the International Innovation Barometer 2020, we have taken a deep dive into the state of innovation worldwide. Our findings reveal significant variations between country, sector and even job functions, but there are some clear trends.
The Innovation Landscape
The environment for innovation professionals is changing rapidly and there is a recognisable buzz among the community about the current landscape. However, companies need to ensure they are fully appraised of their R&D environment and that they are making the most of any opportunities.
Despite the availability of tax credits and grants, 49% of organisations funded their own R&D. Successful innovation does not happen by accident. It may be obvious to state, but organisations need a plan in place to ensure that innovation happens. They must determine both if and how they can obtain funding, and how to deploy that funding with maximum impact.
Diversity in Innovation
When it comes to women in the workplace, the R&D community still has some room for improvement. Although progress is being made and many are making efforts to encourage more women to join the field, it seems that the correlation between gender diversity and innovation is still underestimated.
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