According to the Irish Industrial Policy Body Forfas, "Firms in Ireland reckon that 10 percent of their turnover (sales) is due to product innovation."
This is a great testimony to the role of Creativity and Innovation in Business.
"A total of 34.6 Billion Euro was estimated to be a result of product innovation between 2002 and 2004," says Forfas. "This amounted to 10.1 percent of total turnover (sales) in 2004."
Selected references:
Leading eBook on Creativity and Innovation in Business
Creativity and Innovation Best Practices
Creativity and Innovation Case Studies
The Innovation Index
Top 50 innovative companies in the world
Forfas further revealed that:
"29.1 Billion Euro of this came from firms in the industrial sector, and 5.5 Billion Euro from the services sector."
Industrial sector is big on innovation since it contributed 17.1 percent of its sales from Innovation, whereas the Services sector of the business only contributed 3.1 percent of the sales owing to Innovation.
This further validates the successful role that Innovation and Creativity plays towards topline sales growth.
Forfas further claims that 52.2 percent of all businesses were "Innovation Active", meaning that some portion of their sales resulted from successful product innovation.
What were the top issues that blocked or compromised innovation?
Companies surveyed indicated "lack of funds, high costs of innovation and lack of skills." This could mean that some companies are either not profitable, have minimum profits or perhaps losing money that they are not able to fund innovation. Or some companies have done their homework and believe the cost of innovating is considerable, and perhaps detrimental to their current growth plans. Finally, companies may not have sufficient creative talent that can help fuel the innovation.
Forfas defined Innovation quite broadly to include R and D, engineering development work, purchases of machinery, software acquisition, purchases of external knowledge and training, and design and marketing - essentially new development or new investments that fueled new growth.
Forfas rightfully claims that "The percent of total turnover from new-to-market product innovations is an indicator of creativity and novelty across the economy." Indeed.
What percent of your sales are contributed by Innovation? Is it more than ten percent? Do you even track your sales to Innovation? And what hinders Innovation at your company?
"29.1 Billion Euro of this came from firms in the industrial sector, and 5.5 Billion Euro from the services sector."
Industrial sector is big on innovation since it contributed 17.1 percent of its sales from Innovation, whereas the Services sector of the business only contributed 3.1 percent of the sales owing to Innovation.
This further validates the successful role that Innovation and Creativity plays towards topline sales growth.
Forfas further claims that 52.2 percent of all businesses were "Innovation Active", meaning that some portion of their sales resulted from successful product innovation.
What were the top issues that blocked or compromised innovation?
Companies surveyed indicated "lack of funds, high costs of innovation and lack of skills." This could mean that some companies are either not profitable, have minimum profits or perhaps losing money that they are not able to fund innovation. Or some companies have done their homework and believe the cost of innovating is considerable, and perhaps detrimental to their current growth plans. Finally, companies may not have sufficient creative talent that can help fuel the innovation.
Forfas defined Innovation quite broadly to include R and D, engineering development work, purchases of machinery, software acquisition, purchases of external knowledge and training, and design and marketing - essentially new development or new investments that fueled new growth.
Forfas rightfully claims that "The percent of total turnover from new-to-market product innovations is an indicator of creativity and novelty across the economy." Indeed.
What percent of your sales are contributed by Innovation? Is it more than ten percent? Do you even track your sales to Innovation? And what hinders Innovation at your company?
Selected references:
Leading eBook on Creativity and Innovation in Business
Creativity and Innovation Best Practices
Creativity and Innovation Case Studies
The Innovation Index
Top 50 innovative companies in the world
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