Innovation leader versus laggard perspective.
This study reveals that given the strategic priority companies allocate to innovation and their corresponding spending plans, the maturity of their formal innovation governance structure lags behind considerably. To overcome many of the innovation bottlenecks encountered, it is time to establish an innovation function that is able to deal with this kind of decision-making. Furthermore, there is an enormous unlocked potential for innovation in the involvement of external parties into the innovation process. Innovation leaders may have outpaced their peers by simply being better at involving external parties, leveraging a much broader innovation potential. Also, the study shows that more value, in terms of impact on business results, is to be expected from business model innovation, than from any other form of innovation. Targeting new business opportunities in emerging markets is much more likely to be successful when approached outside of the traditional competitive landscape.