The importance of partnerships – Global Innovation Index 2016
The importance of partnerships and open innovation was emphasised once again recently, as the Global Innovation Index for 2016 was released.
Produced by INSEAD, Cornell University and the World Intellectual Property Organisation, the annual Global Innovation Index:
“aims to capture the multi-dimensional facets of innovation and provide the tools that can assist in tailoring policies to promote long-term output growth, improved productivity, and job growth.”
The index includes global country rankings for innovation (see infographic below), with the UK sitting at number three, just behind Sweden and Switzerland.
We found a chapter written by Garry Lyons of MasterCard of particular interest this year – he writes about how MasterCard has approached innovation, including the creation of MasterCard Labs, the importance of innovation processes, and how vital partnerships are to successful innovation. He writes:
“Actively partnering with a number of external players, with the aim of exploring and developing future commerce solutions, is a fertile pursuit and can lead to innovative products and processes that benefit both partners.”
Also fascinating this year is the chapter written by A.T. Kearney based on the results of their survey of more than 100 executives in large international organisations.
They found that 60% of respondents expect to lose more than 20% of their company’s revenues within five years as a result of disruptive innovation if they do not change the way they currently operate. Even more importantly, most companies feel their innovation platforms are not currently ready to help them fully navigate this new landscape. Naturally this makes interesting reading for us as we develop Solverboard Enterprise and Solverboard Partner for exactly these types of organisation.
If you want to have a read, you can download the Global Innovation Index 2016 here.