Innovation 2009: Making Hard Decisions in the Downturn
4-23-2009
"Companies remain firm believers in the importance of innovation, but they can't ignore what is happening in the economy," says James P. Andrew, lead author of Boston Consulting Group's report on innovation. "So they are increasingly orienting their innovation efforts toward the here and now, emphasizing immediate sales and the reduction of costs and risk. And, for the most part, those moves make sense."
Among respondents to the Boston Consulting Group survey, 88% of respondents identified new products to existing customers as important or very important contributors to their future success. However, 73% said cost reductions to existing products were important or very important to their future success.
The results of the survey provide a benchmark against which companies can measure their own innovation efforts during this time of economic turmoil. They also show that there is no single, clear-cut path to success in today's economy.
Project Announcements
Global Resources International Plans Columbia, Alabama, Operations
03/21/2023
HistoWiz Establishes Queens, New York, Central Laboratory
03/21/2023
Big Fish Games Establishes New Orleans, Louisiana, Talent Hub
03/21/2023
Sonoco Protective Solutions Expands Owosso, Michigan, Operations
03/21/2023
ABB Robotics Expands Auburn Hills, Michigan, Production Campus
03/21/2023
Volkswagen Group Plans St. Thomas, Ontario, Canada, North American Gigafactory
03/20/2023
Most Read
-
2022 Top States for Doing Business Provide an Environment for Business Growth
Q3 2022
-
37th Annual Corporate Survey: Economic Pressures Exerting Greatest Effect on Decision-Makers
Q1 2023
-
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Q1 2022
-
The Top Investment Location Prospects for Aerospace Manufacturing
Q1 2023
-
Strategies to Overcome Intensifying Industrial Real Estate Challenges
Q1 2023
-
How Are Economic Developers Partnering to Solve Workforce Challenges?
Q1 2023
-
What in the World? FDI Trends to Watch in 2023
Q1 2023