Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
successful young businessman shows the screen of the tablet with bright idea symbo SBI 301984774 - Business Express
successful young businessman shows the screen of the tablet with Bright idea symbo

More than three-in-ten businesses have failed to innovate during the pandemic, Ayming research reveals

London, September 29th, 2021: Businesses must take care to keep up with changes in the market as the pandemic has prevented 31 per cent of businesses from innovating, according to research released today by Ayming Group, the business performance consultancy specialising in innovation.

The third annual International Innovation Barometer (IIB) – based on a survey of 585 senior executives – reveals an air of confidence regarding Research & Development (R&D). Most businesses are proud of how they have reacted to the pandemic, with 36 per cent saying they have successfully innovated to make minor adjustments to their business, whereas one-in-four say they have fully adapted to seize Covid-19 related opportunities.

However, businesses must be wary of disruption. It’s clear that the pandemic has accelerated innovation in most markets, as agreed by 82 per cent of businesses, with a quarter of all firms saying that this acceleration has been drastic. Despite this, 69 per cent believe they are innovating enough to keep up with the changes in their market. Confidence which may be misplaced.

This raises the danger of complacency. Not only are markets more open to disruption, but R&D departments face a growing number of challenges. Budgets, for example, are much more uncertain and there are growing concerns about a talent shortage, both of which are contributing to a failure of almost a third of firms to innovate during the pandemic. Those who are not innovating are at a disadvantage and could be left behind.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Mark Smith, Partner of Innovation Incentives at Ayming UK, says: “The gap is widening between those who have prioritised innovation and those who haven’t. We know Covid-19 has completely shaken up whole industries and economies. It has simultaneously created the perfect environment for disruption while creating challenges for R&D teams and businesses. This research reveals an unbalanced reaction.

“Unfortunately, it has made it very difficult to know how much R&D will be enough. The secretive nature of R&D means businesses don’t know what disruptive forces are emerging in their sector. However, a crisis like Covid-19 will always lead to the emergence of new, forward-thinking propositions. We can already see new start-ups and services emerging, and there is likely plenty more to come.”

The pandemic has, however, provided some positive learnings for firms to take forward and it has caused companies to think differently. Reflecting on the pandemic, 82 per cent of businesses agree that the pandemic has demonstrated that a business must be able to identify and react to opportunities, and 76 per cent agree that the pandemic has proved how important it is to innovate during a crisis.

The report – available to download here – takes a dive into international R&D, with insights and statistics across three sections, including The Innovation Landscape, Financing Innovation, and Innovating in a Crisis. This sheds a light on how businesses have reacted to the pandemic, including rapidly adjusting R&D priorities to focus on the short term and streamlining activity by keeping resources in-house. Key statistics can be found in the executive summary.

Recent Post: