Sources of Innovative Ideas

A recent report from Grant Thornton surveyed corporations worldwide to determine where they found their innovative ideas. The study revealed that customers were now the leading source of ideas for new products and services. Firms in Asia Pacific were particularly attuned to what their customers want with almost half (48 per cent) of the best innovative ideas coming from customers against 40 per cent in Western Europe and 35 per cent in North America. In summary the origins of ideas were as follows as rated by percentage of respondents:

Customers 41%

Heads of Business Units 35%

Employees 33%

Internal R&D 33%

CEO 27%

Partners & Suppliers 26%

Sales 17%

Do you work with customers on a systematic basis as a source of innovation? This means more than the occasional focus group. It involves continuing research into the needs, desires and problems that customers have when using your product or service. One of the best ways to do this is by observing customers and noting the difficulties they encounter.

The recommendations in the summary of the report are:

1. Pay more attention to what your customers say and their ideas for innovations

2. Consider expanding your open innovation projects and working with more third parties

3. Look outwards, explore new markets, rather than drawing back into your domestic market

4. Capitalise on the great shifts of the age, the move away from carbon-based energy and the emergence of China and India as major trading nations with huge consumer markets.

It is time to look outside for your ideas, your innovation and your growth.