R&D spending has nothing to do with being innovative

Spending money on R&D has nothing to do with being innovative.
PWC made a study about it.

Here are some interesting facts about why it is so...

PWC looked at the correlation between R&D spending and sustained financial performance.
That does not only matter in good times. It is even more important in bad times.

They found the six characteristics of high-leverage innovators:

1️⃣ base innovation on direct insights from end-user

2️⃣ company-wide cultural support for innovation

3️⃣ leadership is closely involved with the innovation program

4️⃣ close alignment of innovation strategy with business strategy

5️⃣ rigorous control of project selection early in the innovation process

6️⃣ Ability to integrate all the above characteristics into a cohesive approach for innovation

Here is the video: 

The summary of the video:
"It is not about how much money you throw at the problem. It is about building a set of capabilities that involve talent, process, culture, and customer understanding. And that actually manifests itself in sustained superior financial performance in good times but even more so in bad times" - Barry Jaruzelski

Are you ready 
for better product ideas?

→ Let’s talk. Simply drop me an email
at florian@florian-hameister.de

Not ready yet to take action?
No worries, I'll be right here when you're good to go.

Meanwhile, think about subscribing to my Newsletter and following me on LinkedIn