Risk-averse cultures, excessive red tape and time constraints are restricting innovation within large businesses, new research from Studio Graphene has found.
The London-based digital agency commissioned an independent survey of more than 750 senior decision-makers within UK organisations. It found that 71% of organisations have budgets and resources dedicated to innovation, with this figure rising to 86% among large businesses (those with over 250 employees).
The majority (56% and 77%) of large businesses have a team or department dedicated to innovation, while three quarters (75%) meet more than once a month to discuss potential areas to creatively improve.
However, despite it being a priority for many organisations, most are struggling to become more innovative. In fact, half (50%) consider their rivals to be more innovative than they are; this figure jumps to 71% among large businesses.
Additionally, more than three-fifths (62%) complain there are too many steps involved in getting management to give the go ahead for new ideas. This is particularly prevalent in large businesses (87%).
The research also showed that 45% of decision-makers – 70% of those in large businesses – believe their organisation is too risk-averse to embrace new innovative technologies. The respondents also cited time constraints as a significant issue; 51% feel they are too busy to think about innovation, with the number rising to 71% in large companies.