2016 Innovation Research Study
In this inaugural edition of Chase’s Innovation Research Study, we uncover what innovative Australian organisations are doing right in actively embracing innovation. We surveyed 110 organisations from 17 industries and sectors in 2016. Our goal was to find out what innovation-ready firms are doing differently from their peers
We uncovered significant differences between organisations that are more actively embracing innovation and disruption compared to those being disrupted.
We identified that:
Innovative Start-up Organisations, Early Adopter Organisations and Advanced Incumbent Organisations are more actively embracing innovation and transformation compared to Mainstream Organisations and Disrupted Organisations.
Innovative Start-up Organisations are 2.7 times more likely to have a formal innovation/transformation strategy in comparison to Mainstream Organisations and 1.9 times more likely than Disrupted Organisations.
Innovative Start-up Organisations products and services are highly dependent on digital technologies. In comparison, Mainstream Organisations had the lowest dependency.
Innovative Start-up Organisations are 4.2 times more likely to have realised benefits from their innovation/transformation initiatives in comparison to Mainstream Organisations and 3.9 times more likely than Disrupted Organisations.
Innovative Start-up Organisations have the highest expectation for growth. In comparison, the Disrupted Organisations have the lowest expectation for growth.
The sample of Innovative Start-up Organisations included micro, small, medium and large sized organisations.
This raises the important question for mainstream organisations of what to do. If they do nothing, they may end up a disrupted organisation. The insight from this research is that Mainstream Organisations need to carefully evaluate how to adopt the innovative behaviours of innovative start-ups, early adopters and advanced incumbents in order to embrace innovation and disruption and ensure long-term profitability and sustainability.