PricewaterhouseCoopers’ “Breakthrough Innovation and Growth Report,” the largest and most comprehensive study of its kind, explored innovation from a global, multi-sector perspective.
The results show that the most innovative 20% of companies have already grown at a rate 16% higher than the least innovative. This means that, on average, each of the most innovative companies delivered a quarter of a billion dollars of additional revenue over the past three years, compared with the least innovative (Shelton & Percival, 2013). By interviewing more than 1,500 executives, PricewaterhouseCoopers found there was a clear correlation between innovation and growth. They isolated several key components to identify what the most innovative companies were doing compared to the least innovative. The report’s findings line up closely with the strategies of the Konica Minolta Business Innovation Center North America.