Dutch Companies Embrace Open Innovation
The results of PwC’s survey on Innovation, Growth and Business Strategy among 1,757 executives couldn’t be clearer: innovation today is a key driver of organic growth for all companies—regardless of sector or geography. Meanwhile, innovation leaders are breaking away from their cohorts. They differentiate in many ways.
For them innovation is a competitive necessity they focus on with clear business goals in mind. They have a coherent strategy and treat innovation like any other management process. The top 20% of innovators are twice as likely to consider corporate venturing as a means to drive growth. They simply collaborate more then their less innovative peers.
For them ‘open innovation’ implies cooperation in research and development with partner companies, suppliers, universities and or end users. They capitalize on the reduction of cost and of risks in the development of smaller and larger disruptive breakthroughs. But they also experience an increase of the pace of development. With the clear relation between innovation and growth the impact of open innovation on the company’s results becomes evident.
While overall 32% of the innovators adhere forms op ‘open innovation’, 42 % the of Dutch companies prefer this ‘open innovation’ to the traditional company-based product development.