Business owners and executives in the US expect to continue to invest heavily in innovation, with a full 97% of respondents expecting their investment in innovation either to increase (53%) or stay the same, according to a study conducted by BMO Harris Bank.
When asked about the biggest impediment to innovation within their organisation, 38% cited that it was the investment/capital required, 20% cited lack of necessary workforce skillsets, and 18% cited difficulties in quantifying the return on investment.
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According to the study, in which 839 business owners and executives participated, 47% of the respondents cited changing consumer demands as the key reasons to focus on innovation, while 46% cited greater operating efficiency as eth main reason.
Value creation, increased competition and regulatory compliance were also cited as reasons for investing in innovation, the report added.
BMO Harris Bank head of US diversified industries Ray Whitacre said: "The increasing pace of innovation is encouraging, and the results of this survey reflect the confidence that business leaders continue to have in their own growth prospects.
"With evolving customer expectations, fostering a company culture of continuous innovation is important for employee creativity and for future growth."
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