Collaboration is key enabler for Canadian competitiveness: 2013 GE Global Innovation Barometer

Collaboration is key enabler for Canadian competitiveness: 2013 GE Global 
Innovation Barometer 
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 
including Canada. 
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 
companies. 
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 
Canada. 
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
        average)
    --  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.

About GE: 
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 
#GEGIB.

About StrategyOne:
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) court.elliott@ge.com

Kim Warburton GE Communications/PA 1.905.858.5678 1.416.561.8316 (mobile) 
kim.warburton@ge.com

SOURCE: General Electric Canada Inc.

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CO: General Electric Canada Inc.
ST: Ontario
NI: HOU ECOSURV 

-0- Jan/17/2013 18:32 GMT


 
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