The State of Innovation

It's not just a buzzword—three recent surveys find innovation is still a high priority with a majority of executives across industries and across the world

BusinessWeek, December 19, 2007 — For most business leaders, the dusk of 2007 is a time of transition and, well, uncertainty: Will the U.S. dollar continue its slide? How deeply will the problems of the home mortgage market affect the broader international economy? Do China, Google (GOOG), and the next presidential administration pose threats or opportunities?

But when it comes to "innovation," there is at least some agreement among senior executives. This year, surveys from three leading consultancies—Boston Consulting Group, McKinsey & Company, and Booz Allen Hamilton—show innovation remains a high priority for most corporate leaders around the world. There's consensus across industries that innovation is a key growth driver. Unfortunately, the surveys also reflect a broad belief that most companies don't have the leadership, systems, or tools to successfully and consistently innovate.