After 2020, it’s not surprising that crowdsourced innovation capabilities have grown and innovation output indicators like implementation rate and time to implement have improved. In fact, businesses that were able to rapidly adapt and focus on innovation are poised to outperform their peers in the coming years. In June 2020, McKinsey noted that “In past crises, companies that invested in innovation delivered superior growth and performance post crisis. Organizations that maintained their innovation focus through the 2009 financial crisis, for example, emerged stronger, outperforming the market average by more than 30 percent and continuing to deliver accelerated growth over the subsequent three to five years.” In this report, we are looking at similar trends from our annual innovators survey that shows that almost every indicator of innovation health has improved over data from the past three years.
- The profile for innovation programs in 2021 (who manages these programs, what do their teams and budgets look like).
- What you can expect from a crowdsourced innovation program in 2021 (participation benchmarks, output indicators, etc).
- The five best practices that you can apply in your innovation program today in order to improve results and perform like other innovation leaders.