Innovative companies grow three times faster

The new report from the PwC consultation makes it clear: innovative companies achieve an economic return and greater growth only if they bet on an innovative culture among their workers.

The Royal Spanish Academy defines the term innovate like the action of changing or altering something, introducing novelties. This meaning, adapted to the business world, is a key figure to guarantee business success. Innovative companies are most likely to have a higher and faster return on investment.

This is one of the main conclusions reached by the 2013 World Innovation Survey, developed by the consulting firm PwC. Of the 1,757 executives consulted, 43% thought that innovation was a competitive need for any company.

A higher percentage, around 83%, believed that innovation was a guarantee of success for innovative companies. As they explain in the blog of the Spanish Foundation for Science and Technology, “Innovation is totally necessary to survive”, in an environment of economic crisis where only the strongest companies “win”, which are none other than innovative companies.

Innovative companies don’t just expect to have a faster and higher financial return. The PwC consultation report itself refers to the fact that most companies rely on innovation as the engine of their growth. In particular, innovative companies are estimated to grow three times as fast than those that do not really bet on innovating.

According to the survey, 93% of companies trust that their growth will be sustained by innovation, compared to a small percentage (2%), who consider that their company will grow based on acquisitions and new purchases. Two different and complementary perspectives that only highlight the role of the business Innovation.

Another interesting point in the PwC report is understanding how an innovative culture is created in a company. And it is that in times as changing as the ones we live in, where it is difficult to survive in a highly competitive market, it is considered that the most important thing is to educate employees to lead or participate in innovative initiatives.

Only in this way can we guarantee the success of innovative companies. In a turbulent time for entrepreneurs and companies of different sizes, it is essential to remember the importance of innovation in the day-to-day life of our company. Without a doubt, the PwC report serves as a great reminder.

Images | Griffin Stewart (Flickr), Kevin Dooley (Flickr)