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For some, the period between March 2020 and March 2021 may have been a time in which innovation accelerated. But for other companies, there have been challenges with the supply chain; increased competition with newer entrants like Airbnb and Robinhood; and a shifting emphasis on more immediate incremental improvements, versus longer-range projects.
Spending a year or more in “fast twitch” responsive mode, versus planning for future growth, may have created an innovation deficit for these companies.
This set of two mini-reports is a continuation of our CxOs & Innovation series from 2020. This first mini-report includes data from a survey fielded in March and April 2021, which received 244 qualified responses. We also conducted qualitative interviews with innovation, product development, R&D, and technology leaders at organizations like Intel, Wayfair, Comcast NBCUniversal, Shell, and HCA Healthcare. The objective: to be helpful to C-suite leaders and professionals re- sponsible for driving innovation in large organizations as we enter a new era.
About this Project 4
Executive Summary 5
The Continuing Impact of COVID-19 on Innovation 6
Defining Terms 9
Comments: The Continuing Impact of COVID-19 7
Innovator Perspective: Edgewell Personal Care 10
Innovator Perspective: Capital One 11
How Agile is Your Organization? 12
Comments: What Fosters Agility 13
Comments: What Blocks Agility 15
Innovator Perspective: W.L. Gore 18
Innovator Perspective: Intel 19
Openness to Outside Ideas and Trends 20
KPMG Insight: The Innovation Equation 21
Investment in Internal vs. External Innovation 23
Comments: How We Decide on Internal vs. External Innovation 24
Innovator Perspective: Wayfair 27
Innovator Perspective: Comcast NBCUniversal 28
Innovation Focus: Today vs. ‘In an Ideal World’ 29
Key Questions: Emerging from the Pandemic Era 30
Key Questions: Where Should Innovation Come From? 31
Key Questions: Organizational Agility 32
KPMG Insight: Democratizing Data 33
Innovator Perspective: HCA Healthcare 35
Innovator Perspective: Shell 36
About the Respondents 37
About KPMG 39
About Innovation Leader 40
In a recent interview with Innovation Leader, Linda Elkins, Head of W.L. Gore’s Innovation Center in Silicon Valley, shares insights on how she prioritizes innovation opportunities.
Fiona Tan, Wayfair’s Global Head of Customer and Supplier Technology, shared insights on balancing organic innovation with M&A, using data to stay agile, and more.