Collaboration is key enabler for Canadian competitiveness: 2013 GE Global
GE's third annual survey of business executives worldwide shows Canada in top
quartile for innovation - while framework is strong, country must move from
ideas to execution
MISSISSAUGA, ON, Jan. 17, 2013 /CNW Telbec/ - While Canada has a strong
foundation for innovation, a new survey suggests that businesses need to
strengthen their ability to execute on product, service and process
improvements. That's according to Canadian business executives in the third
annual "Global Innovation Barometer" released today by GE (NYSE: GE). The
study compares executive perceptions of innovation in 25 global markets
Canada ranks in the top quartile on GE's innovation scorecard, along with
Germany, Japan and the U.S. Almost 9 in 10 Canadian executives or 87% report
innovation is a strategic priority for their business, and 96% believe that
small and medium enterprises and individuals can be as innovative as large
Canadian business executives identified increased collaboration as one of the
keys to successful innovation, a means to surpass competitors and generate
revenue. Results showed 85% of Canadian respondents would partner first to
enter new markets (6% above global average), and 83% would partner to improve
an existing product or service (8% above global average).
Despite the acknowledgement of the importance of collaboration, many Canadian
businesses seem unwilling to share the resulting risks and rewards. Only 11%
of Canadian executives surveyed said their firm would be open to sharing the
revenue stream or losses that could be generated through a collaborative
innovation. That's the lowest of all countries GE surveyed (global average
is 28%). About two-thirds of Canadian business executives raised a lack of
protection of confidentiality/intellectual property (68%) and a lack of trust
(64%) as concerns, both well above the global average.
"To succeed in global markets, the survey findings suggest that Canadian
businesses will need to leverage Canada's solid innovation foundation, by
increasing tolerance for sharing risk, developing new business models and
undertaking greater collaboration," says Elyse Allan, President and CEO, GE
While new products and services have historically been the main driver of
growth, innovation takes on many forms. Business model innovation - e.g.
process improvements and executing with greater speed - is gaining momentum as
a route to success, and may offer a less risky and resource-intense path to be
competitive. In fact, 76% of Canadian executives believe that developing new
business processes will improve profitability (13% above global average).
In order to innovate successfully, Canadian executives identified several key
factors to success:
-- 88% identified the need to attract and retain innovative people
(15% above global average)
-- 80% said create an environment and culture conducive to
innovation (16% above global average)
-- 69% want to challenge generally accepted practices and ways of
working (15% above global average)
Canadian business leaders also recognize the role of public policy in creating
the conditions for innovation, and are calling on policy makers to take action
on several fronts:
-- 59% encourage a stronger entrepreneurial culture in the
education system (9% above global average)
-- 52% would like to ensure that business confidentiality and
trade secrets are adequately protected (11% above global
-- 51% want to see policy makers fight bureaucracy and red tape
for companies willing to access funds and incentives allocated
to innovation (3% above global average)
GE commissioned the annual survey to explore how business leaders around the
world view drivers and barriers to innovation, and how those perceptions
influence strategy. StrategyOne, an independent research and consulting firm,
conducted the study.
About GE's Global Innovation Barometer:
The research was commissioned by GE and conducted by StrategyOne between
October 22, 2012, and December 5, 2012. Interviews with the 3,100 senior
business executives were conducted by telephone across 25 countries. All
respondents are VP level or above and directly involved in their company's
innovation processes. Twenty-eight percent of those surveyed are at the
C-suite level. The countries included in the research are: Australia, Brazil,
Canada, China, Germany, India, Ireland, Israel, Japan, Malaysia, Mexico,
Netherlands, Nigeria, Poland, Russia, Saudi Arabia, Singapore, South Africa,
South Korea, Sweden, Turkey, UAE, UK, USA and Vietnam.
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in energy,
health and home, transportation and finance. Building, powering, moving and
curing the Not just imagining. Doing. GE works. For more information, visit
the company's website at www.ge.com.
In Canada, GE has operations across the country, including major
manufacturing, sales and service locations with 7,000 employees. Follow GE
Canada on Twitter at: http://twitter.com/GE_Canada and YouTube at
http://www.youtube.com/user/GECanada. For more information on the Canadian
GE Global Information Barometer results visit www.ge.com/ca and follow hashtag
Founded in 1999 StrategyOne is an independent research company with offices in
New York, Washington, DC, Paris, Abu Dhabi, London, Chicago, Brussels,
Atlanta, Dubai, Houston, Rochester, San Francisco, Seattle and Silicon Valley.
Media Contacts: Court Elliott GE Communications/PA 1.905.858.6130
1.647.281.7073 (mobile) email@example.com
Kim Warburton GE Communications/PA 1.905.858.5678 1.416.561.8316 (mobile)
SOURCE: General Electric Canada Inc.
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-0- Jan/17/2013 18:32 GMT
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