There’s something missing in the Middle East when it comes to innovation. I have a theory about what it is, but first let me share some statistics that I think are relevant.
GE just released its 2012 Global Innovation Barometer, which was based on survey results from 3,000 senior business executives in 22 countries, including the UAE and Saudi Arabia. The key findings weren’t all that surprising. For example, 92% agree that innovation is the main lever to create a more competitive economy, and nearly 9 in 10 executives believe innovation is about partnerships, not individual success. These beliefs reflect the changing nature of innovation, from being a mysterious process led by researchers to a way of thinking and adding value embraced by organizations at every level.
One thing that was surprising about the survey results, at least to outside observers, was the level of enthusiasm for innovation in countries like the UAE, Turkey, Algeria and Saudi Arabia. With 90 out of 100 points, the UAE scored higher than any other country when it came to “Innovation Optimism,” or how optimistic the executives were that innovation will result in improved quality of life for citizens.
For anyone involved in the local innovation community, this statistic makes perfect sense. I’ve personally seen the energy at regional innovation conferences. There is a real interest in innovation here, and an earnest belief that innovation will make a difference, not just for companies but for society. [Read more...]
In addition to the top 20 innovations list, the report includes insightful analysis of how global drivers such as the economy, technology and shifting manufacturing borders are affecting innovation in many different industries. The authors also look at current inhibitors to innovation including R&D spending, VC funding, immigration restrictions and patent laws.
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