How do you set up innovation teams for success? And how can those teams create quantifiable impact for their organization?
These are the key questions we explore in this report (and in our 2020 and 2018 editions). We gathered quantitative survey data from 216 respondents in Q4 2022, and interviewed top leaders from organizations like Mastercard, Colgate-Palmolive, Illumina, Kimberly-Clark, and NASCAR.
The report explores team sizes, reporting relationship, use of physical innovation spaces, common activities, budget dynamics, top innovation challenges and enablers, and more.
For this report, we used an airplane’s cockpit as a visual metaphor. Most big companies operate like airlines: they seek efficiency, reliability, safety, and profitability. Most innovation groups inside them are trying to discover potentially appealing new destinations, find new kinds of customers, design and test different aircraft, and rethink the boarding process. All can potentially create significant value — but in turbulent times, there’s always the temptation to throttle back on all that newness and exploration. What we found in our surveys and interviews was that in 2023, innovation survives if there is a clear vision; quantifiable metrics and outcomes; a culture that can make decisions and allot resources without getting embroiled in politics and turf wars; and strong relationships throughout the organization.
This 55-page report will help you continue to build your innovation capabilities and move your organization forward.
This report was sponsored by KPMG and produced by InnoLead.
Insights from the Interviewees
“Innovation needs to be embedded in your culture… You have to measure it at some level, because what you don’t measure, you don’t care about.”
Chief Innovation Officer
“The biggest challenge is to meet the needs of consumers for better products…but doing that in a way that also reduces our environmental impact.”
Chief R&D Officer
“Our CEO would say the recipe for success is pretty clear. When you’re looking to get into a new line of business, acquire your way in — and then invest like mad.”
Chief Technology Officer