Evaluate Readiness to Innovate
Tools such as IMP³rove and Winning Measures also allow companies to benchmark themselves against others. The EU carries out a national innovation benchmarking process which could be useful. The European Innovation Scoreboard (EIS) attempts to benchmark, on a yearly basis, the innovation performance of member states.
Based on surveys exploring the reasons why companies fail to innovate regularly, six barriers to product and service innovation have been recognised: three relating to the motivation to innovate; and three to the difficulties involved in actually doing it.
- Failure to recognise change/threats/opportunities
- Lack of ambition and vision
- Risk aversion
- Lack of market understanding
- Lack of expertise in the process
- Lack of finance