Innovation and commercialization – 2010 McKinsey Global Survey results

Last week McKinsey released their 2010 innovation survey. It makes a very interesting read and is based on a survey of over 2000 respondents from several industries. In the report only 39 percent of respondents say that their companies are good at commercializing new products or services.

Commercialization was a serious concern also in 2007; in that year’s survey, nearly a third of senior leaders selected making handoffs from ideas to commercialization as one of their biggest challenges. And 43 percent said the top challenges included choosing which ideas to move forward.

According to the report a big part of the problem may be the absence of a formal decision-making process: 40 percent of respondents say their companies make commercialization decisions in an ad hoc manner; only 23 percent say such decisions are a regular agenda topic at corporate-leadership meetings.

The report shows that after coping with the global economic crisis, companies are beginning to aim for growth again. But their approach to managing innovation and the challenges they face haven’t changed. The survey result suggests a few ways to improve and is available for download here.

Source: the McKinseyQuarterly