Innovation and growth go hand in hand. 20% of the world’s most innovative companies grow by 62% over the next five years, while 20% of the less innovative don’t exceed 20.7%. This is the main conclusion of the World 2013 Innovation Survey, prepared by PwC, which reflects the views of 1,757 business executives from more than 25 countries around the world, including Spain. 43% of respondents said that innovation is a competitive necessity for any organization and, in five years, this figure will increase to 51%.

This data is getting through to Spanish companies, who are beginning to realize that innovation can be the answer to reversing the current situation and retracing the steps back to the path of growth. The survey suggests that over the next twelve months, with regards to the areas in which Spanish companies invest their best efforts in innovation, innovation will be especially high in four areas: product (29%, both in Spain and rest of the world), technology (17% vs 20 worldwide), business models (17% to 10% worldwide) and systems and processes (9% vs 10% worldwide).

Decalogue of innovative companies

  1. Recognize innovation as a fundamental path to success. Two-thirds of the most innovative companies consider innovation as a competitive necessity.
  2. A coherent strategy. Almost 80% of the most innovative corporations have a well-defined innovation strategy compared with 47% of the less innovative firms.
  3. They see innovation as a method to manage other processes.
  4. They experiment with new models of innovation, such as the use of venture capital to promote growth.
  5. Develop innovation portfolios with a greater focus on radical innovation versus incremental. Innovation as a religion.
  6. Innovate with a clear objective in mind (paying attention to the long term objectives and the results of the company).
  7. Innovate in business models, not only in products and services.
  8. They use Social Media to innovate and collaborate with target audiences.
  9. Collaborate more when they have to develop new products and services with external partners, the most innovative companies collaborate more than three times as often.
  10. The most innovative are growing at a much faster rate: 62.2% versus 20.7%.