Innovation is woven into the fabric of our existence. From the discovery of fire to unlocking the printing press, the advent of the telephone, and the wonders of air travel, moments of brilliance and technological leaps have continuously shaped and reshaped our way of life.
At Miro, our Mission, to empower teams to build the next big thing, is all about innovation. The thinkers and creators who drive innovative thinking and deliver innovative products and services are our inspiration and our purpose. As our Chief Operating Officer Varun Parman put it “We envisioned Miro as a catalyst, helping teams streamline how they brainstorm, collaborate, manage projects, and bring new ideas to life.”
The state of innovation in today’s modern enterprises
We surveyed more than 1,700 leaders and more than 8,200 information workers across seven global markets to better understand the innovation ecosystem, from the challenges to the opportunities.
Across continents and sectors, an undeniable consensus emerged: Innovation is not just a buzzword — it’s an urgent call to action. 98% of leaders and 90% of information workers recognize the design, development, and launch of new products and services as an urgent need for their companies. This was consistent across company size and industry, and the reason is clear: 79% of leaders and 76% of information workers said innovation is necessary to win against the competition.
Despite widespread agreement that innovation is critical to survival, most said it falls by the wayside.
What’s holding back innovation?
The survey highlights three kinds of challenges:
In today’s unpredictable economic landscape, a significant number of leaders feel that prioritizing innovation is more of a luxury than an essential step forward. More than half feel it’s wiser to hold off on innovation until there’s more economic stability. However, many of these same leaders acknowledge that breakthrough innovations from competitors pose a significant threat to their own ventures.
Fear is a powerful deterrent, and it’s clear that it’s holding many leaders back. The majority of those surveyed reported that apprehensions keep them from diving deep into the innovation pool. This reluctance is not merely a business stance; it’s personal. Nearly one-third of leaders fear that unsuccessful innovation endeavors might harm their professional standing or reputation. On the other side of the spectrum, more than half of the information workers are concerned about their job security, particularly if their organizations don’t keep pace with innovation.
Outdated technology and lack of cross-functional collaboration
Both leaders and information workers agreed that one of the biggest roadblocks on the path to innovation are technological challenges, such as legacy tools. Additionally, both groups cited organizational challenges, especially those related to cross-functional collaboration, as a significant barrier.
Strategies to unlock innovation
In today’s competitive landscape, innovation stands at the forefront of a company’s survival. By identifying the challenges organizations face in their innovation journey, this new data reveals key strategies for overcoming these obstacles. With a focus on these solutions, businesses can navigate beyond mere survival, positioning themselves for long-term success.
TO LEARN MORE ABOUT THE CHALLENGES TO INNOVATION, AND SUGGESTIONS FOR MITIGATING THEM, CHECK OUT THE FULL REPORT: RISK VS. REWARD: INNOVATION IN MODERN ENTERPRISES.
—Felix Morgan, Technical Content Lead at Miro