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.

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."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.