Automotive, Technology And Internet Sectors Most Vulnerable To Foreign Competition;
Apple Computer, Google and 3M Top List Of Most Innovative Companies
The survey, conducted in October 2005 by IMD MBA, Fast Company magazine and Egon Zehnder International, includes responses of 1,962 business professionals in the US and abroad who were asked online quantitative and qualitative questions about the relationship between innovation and business performance. The survey’s findings are being published in Fast Company’s December issue, now on newsstands, and will be available online at www.fastcompany.com by December 5.
China India
Information Technology 62.4% 85.7%
Automotive 53.9% 12.6%
Biotechnology 37.9% 47.6%
The Internet 35.7% 61.4%
Medicine 29.3% 43.7%
Entertainment 14.6% 23.7%
In addition, more survey respondents agreed (46.6%) than disagreed (27.5%) or held a neutral view (25.9%) that MBA students should pursue jobs in
“Respondents identify increasing competition from
Most Admired US Innovators
When asked to name a company they admire for its innovation and creativity, respondents most frequently cited the following companies in this order:
Apple Computer
Google
3M
General Electric
IDEO
Microsoft
Dell
Target
Starbucks
IBM, Southwest Airlines
When respondents were asked why they identified a company as being innovative, the most common reasons cited were:
“Continuous innovation and quality products; company stays on the cutting edge.”
“Listens to customers and meets their needs; focuses its creativity on making business better.”
“The company’s culture fosters innovation and creativity.”
“Created a new market; transformed their industry.”
“While our respondents admire certain U.S.-based companies for their creativity, they also clearly recognize that emerging economies are moving beyond their past roles as sources of raw materials or inexpensive labor,” says Mark Vamos, editor of Fast Company. “The
Innovation’s Key Benefits
Respondents were asked a series of open-ended questions for their views of why a company was admired, how they define innovation and creativity, and what encourages workplace creativity.
When asked to describe the role that innovation plays in their work environment, many respondents said that innovation and creativity are not limited to generating new ideas. Creativity requires fostering the right work environment, enabling employees to listen to customers and creating ideas that work, and responding with solutions to meet the real needs of customers and the marketplace.
According to the survey, the three key benefits of innovation and workplace creativity that respondents consistently cited were:
Organizational support and company culture. It is important to foster a workplace culture of creativity and innovation that encourages risk and supports failure, empowers employees, and encourages new, fresh ideas and out-of-the-box thinking. The freedom to succeed or fail and freedom from company politics and bureaucracy should be an important part of workplace culture.
Customer focus. Listen to customers and develop solutions that fulfill customer needs.
Continuous innovation with ideas that solve company or customer problems. Consistently create new, quality products to keep a company on the cutting edge and create new markets and transform industries. Techniques such as brainstorming, debate, and questioning may help generate these ideas.
Focus on creating solutions to company or customer problems.“Creativity is related to creating the right company culture and focusing on customer needs to develop unique solutions to problems,” added Professor Meehan. “Respondents see creativity more as practical solutions to real needs, not just wild ideas.”
About The “Fast Track Leadership Survey”
The “Fast Track Leadership Survey” is a quarterly online survey of business professionals conducted by IMD MBA, Fast Company Magazine and Egon Zehnder International to provide insight into the drivers of business performance. Survey respondents in the
Survey Respondent Demographics
Total Respondents – 1,962.
Under age 35 (27%) / Over age 35 (73%).
Male (68.9) / Female (31.1%).
Lived outside US at some time (50.6%).
Live in US (72.7%),
Management Position: Middle Mgt. (29.8%), Senior-Mgt. (26.1%), CEO (15.6%), Lower Mgt. (12.7%), Self-Employed (6.2%), Other (15.8%).
Industry: Consulting & Professional Services (15.8%), Technology & Computers (9.8%), Education & Training (6.8%), Finance & Investment (5.6%), Medicine & Healthcare (5.6%), Manufacturing & Construction (5.0%), Engineering (3.0%), Government (2.9%), Other (45.5%).
Company Size (# employees): Less than 100 (40.9%), 100-999 (20.9%), 1,000-9,999 (18.1%), Over 10,000 (20.1%).
About The IMD MBA Program
IMD, one of the world’s top ranked international business schools, is based in
About Fast Company Magazine
Founded in 1995 and published monthly, Fast Company (www.fastcompany.com) covers ideas, trends and individuals devoted to managing change in today’s economy. The magazine is owned by Manseuto Ventures.
About Egon Zehnder International
Egon Zehnder International (www.egonzehnder.com), with 300 consultants operating from more than 59 wholly owned offices in 38 countries, was founded in 1964 with a distinctive vision and structure aimed at achieving two basic goals — to place its clients’ interests first and to lead its profession in creating value for clients through the assessment and recruitment of top-level management resources.