“GE Global Innovation Barometer” Identifies New Expectations And Parameters For Innovation In The 21st Century

A first-of-its-kind report released today outlines a new landscape for innovation in the 21 ^st century, placing an increased premium on addressing local needs, marshaling the creativity of individuals and smaller organizations, and forging strategic partnerships.

The inaugural “GE Global Innovation Barometer,” an independent survey of 1,000 business executives in 12 countries, found that the greatest innovations of our time will be those that help address human need, more so than those that simply create the most profit. The “GE Global Innovation Barometer” was commissioned by GE (NYSE:GE) and conducted by research and consulting firm StrategyOne to identify drivers and deterrents of innovation and to analyze perceptions around innovation challenges.

“This study illustrates that the rules around innovation are changing, and that companies, like ours, will need to evolve our strategy in order to stay competitive, drive growth and contribute meaningfully to the economy,” said Beth Comstock, chief marketing officer and senior vice president, GE. “For innovation to flourish, we must embrace a new innovation paradigm that promotes collaboration between all players – big, small, public, and private - fosters creativity, and emphasizes solutions that meet local needs.”

Innovation Will Deliver a New Brand of Prosperity

In the study, innovation was consistently seen as a strong driver of a prosperous economy. Ninety-five percent of executives said innovation is the main lever for a more competitive national economy, and 88 percent agreed that innovation is the best way to create jobs in their country. While the notion that innovation drives prosperity is not new, the survey sheds light on the evolving definition of prosperity. More than three-quarters of executives (77%) said they believe the greatest innovations of the 21 ^st century will be those that help address human needs, such as improving health quality or enhancing energy security, more than those that simply create the most profit. They believed innovation would be a catalyst for improving multiple areas of citizens’ lives in the next 10 years, including health quality (87%), environmental quality (85%), energy security (82%), and access to education (81%).

“The results clearly demonstrate that globally our priorities are shifting from innovations that simply make money to innovations that also create good in people’s lives,” said Comstock.