Pride and Protectionism: GE Publishes 2020 GE Global Innovation Barometer
18 November 2020 - 04:00PM
Business Wire
- GE’s global survey of business executives finds that there is a
growing number of executives who are confident that their country
is self-sufficient and does not need to rely on other countries to
innovate.
- It further finds there is growing belief that protectionist
policies ultimately support innovation and domestic economies—a
trend that has grown with the pandemic.
- A potential paradox has begun to emerge, as business executives
also increasingly recognize the importance of country-to-country
partnerships as vital to innovation.
GE (NYSE: GE) today unveiled the results of its 2020 GE
Global Innovation Barometer, titled “Pride and Protectionism: A
Quest for Innovation Agency.” The study, which included survey
questions both before the global outbreak of COVID-19 in December
2019 and again in September 2020, explores how global business
leaders think about the state of innovation and how its future is
being impacted by the pandemic and other geopolitical trends.
This year’s report reveals a paradox emerging with regards to
business executives’ view on cross-border collaboration and
protectionism. The report shows that business executives
increasingly view protectionism as a way to protect their domestic
innovation environments, while at the same time, the results show
that their appetite for collaboration across industries and
geographies remains strong.
In its seventh edition, the Global Innovation Barometer surveyed
over 3,400 business executives in 22 countries in two separate
studies; one concluding in February of 2020 and another in
September of 2020. The second study was conducted to understand any
changes in global sentiment as a result of the COVID-19 pandemic.
Overall, the study highlights innovation’s vital role in addressing
the major challenges that the world now faces, while also exploring
how the pandemic poses threats to the globe’s new innovation
imperative.
Further, the pandemic solidified business leaders’ belief that
innovation is both vital to their future and under threat. They see
innovation having a crucial role in addressing the major challenges
that the world now faces; however, they also feel that pandemic
poses threats to this new innovation imperative. Progress has
slowed in some industries and markets since the onset of COVID-19
as a result.
Healthcare Industry as Innovation Champion
In this year’s report, business executives voiced their
admiration for the healthcare industry’s ingenuity during the
pandemic, saying it has outperformed all other sectors with respect
to innovation progress in the period, 9% more than the next most
innovative industry, the telecoms/internet industry. The private
sector is seen as taking a leadership role in driving innovation in
healthcare, with 83% of business executives saying that companies
have taken a leadership role in driving innovation due to the
pandemic. This is 5 points higher than business executives’
perception of the government’s role in driving innovation in the
period.
This year’s study is reflective of business executives’ belief
that healthcare innovation is required to enable the innovation of
other industries. According to respondents, the healthcare industry
has risen to the challenge of COVID-19 and the business community
has gained a deeper appreciation for the industry’s role in the
economy overall.
U.S. Maintains Status as the World’s Innovation
champion
The study also pulsed global business leaders on which country
they believe to be the world’s innovation leader. While the study’s
results in September found that China and the U.S. were in a
narrowing race to claim their place as the globe’s innovation
champion, China’s place has softened as a result of the COVID-19
pandemic and the U.S. lead remains.
Internal optimism regarding innovation in China also has fallen
since the onset of COVID-19, while sentiment in the U.S. has become
more positive. 89% of business executives in China believed their
own market was an innovation-conducive environment before the
pandemic, but that figure has dropped to 80% after COVID-19
emerged. Conversely, 79% of business executives from the U.S.
believed their country was an innovation-conducive environment
before the pandemic, and that figure has increased to 88% after the
pandemic emerged.
Some additional top findings from the report include:
- 87% of business executives say that innovation plays a vital
role in protecting people's health and wellbeing, and 82% believe
the healthcare industry has set a great example for others to
follow regarding the speed of innovation.
- Business executives in the U.S., Asia and Europe consider the
U.S. the world’s innovation champion, but executives in other
markets have a different view. Executives from Africa and the
Middle East consider China the world’s innovation champion, while
execs from LATAM hold Japan as the most innovative market.
- 3 in 4 business executives believe that global supply chains
are under increased scrutiny, with Vietnam, China and the U.S.
feeling the most pressure at +11%, +10% and +8%, respectively,
versus the average response.
- Executives identified mobility, investment and collaboration
restrictions as their biggest concerns for the future of
innovation. 50% are concerned that the restriction of people, goods
and services will have a negative effect on innovation.
- On the future of talent, 75% say they are concerned about the
source of new and skilled talent, while 71% say remote learning
will prevent STEM students from having a holistic experience of
their field.
- On artificial intelligence (AI), business executives know that
AI is a catalyst to innovation and an indispensable tool in the
fight against COVID-19 and future pandemics. 72% of all business
executives believe using AI, automation and machine learning will
be important to their companies in a post-COVID-19 world. 81% say
AI and machine learning will be important because of their benefits
to the working experience.
To access the full report, click here.
About the GE Global Innovation Barometer
Now in its seventh edition, the Global Innovation Barometer was
commissioned by GE and conducted by Edelman Data & Intelligence
(DxI) between 5th December 2019 – 15th February 2020 and 10th
September 2020 – 23rd September 2020. Interviews with 2,307
business executives were conducted online across 22 countries in
the initial February 2020 study and among 1,128 executives across
10 countries in September 2020. The countries included in the
research are: Brazil, China, France, Germany, India, Indonesia,
Iraq, Israel, Japan, Kenya, Malaysia, Mexico, Nigeria, Poland,
Saudi Arabia, South Africa, South Korea, Turkey, UAE, UK, USA and
Vietnam.
About GE
GE (NYSE:GE) rises to the challenge of building a world that
works. For more than 125 years, GE has invented the future of
industry, and today the company’s dedicated team, leading
technology, and global reach and capabilities help the world work
more efficiently, reliably, and safely. GE’s people are diverse and
dedicated, operating with the highest level of integrity and focus
to fulfill GE’s mission and deliver for its customers.
www.ge.com
About Edelman Data & Intelligence (DxI)
Edelman Intelligence is a global, full-service market insights
and analytics firm that provides corporate, non-profit and
government clients with strategic intelligence to make their
communications and engagements with stakeholders the smartest they
can be. The firm specializes in measurement, tracking and analysis
in reputation, branding and communications. Edelman Intelligence is
part of Edelman, the world’s largest public relations company.
Edelman Intelligence has more than 200 employees and 12 offices
around the world.
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version on businesswire.com: https://www.businesswire.com/news/home/20201118005336/en/
Meghan Thurlow Director, Public Affairs, GE (202) 701 9351
Meghan.Thurlow@ge.com Georgina Shann Senior Vice President, Edelman
DxI +44 (0)78 9679 2363
Georgina.Shann@edelmandataxintelligence.com
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