State of InnovationSurvey: Insights
2020 State of Innovation survey results: Stormy seas, but a continued commitment to innovation
As the coronavirus pandemic led to shelter-in-place orders and sharply reduced economic activity around the world, innovators are wondering about what the future could look like for their teams, organizations, and industries. Highline Beta sponsored a survey fielded by Innovation Leader to understand what's happening in corporate innovation and R&D right now, and heard from 117 corporate innovators.
Key takeaways from the report:
- Significant changes to innovation priorities, including increased support of the core business. Nearly 69% say their innovation team priorities are changing.
- An emphasis on “doing more with less” until budgets rebound in 2021. 28% say they're focusing less on growth initiatives, while 46% are dialling up their support of the core business and say they're expecting budget cuts in 2020.
- A surprisingly durable commitment to developing transformational growth businesses. Companies seeing the crisis as an opportunity “to go on offense,” or, as one financial services industry respondent put it: “Uncertainty creates opportunity for innovation.”
“We are doubling down on innovation, spending and prioritizing it more — especially on further movement to digital.”
Survey respondent, Innovation in Financial Services
About Highline Beta
Highline Beta is a corporate innovation and venture development firm. We’re entrepreneurs, investors, designers and product experts. We work with the Fortune 1000 to drive growth innovation with speed and an investor’s mindset.
We dig deep and take action, providing clients with the right mix of innovation services and outcomes to create measurable growth opportunities. We believe in startup-corporate collaboration as the ultimate unfair advantage. Our fund invests in startups that have meaningful relationships and pilots with our corporate clients. When this works, everyone wins.
For more, please visit https://highlinebeta.com/ Want to learn more or get in touch about the report? Email us at [email protected]
Corporate innovation is changing faster than ever. And opportunities abound for big companies to build a portfolio of ventures internally and externally, beyond their core.
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