Executive Search Firm News - U.S. Firms Losing Ground Leading Innovation

U.S. Firms Losing Ground Leading Innovation

United States Firms are Losing Ground on New Frontiers, according to the American Management Association.

“The American lead in innovation may be at risk,” said Edward T. Reilly, president and CEO of American Management Association. “U.S. firms need to avoid becoming complacent; clearly, foreign companies are adopting formal structures for fostering innovation, which may erode America’s competitive edge in the years to come.”

According to the survey, “The Quest for Innovation: A Global Study in Innovation Management 2006-2016”:

• 71.4% of U.S. respondents viewed their companies as “moderately successful” at innovation
• 68.1% said their company had no formal policies or structures to review and evaluate innovative ideas
• 5.2% said that intelligent risk-taking is reward

“The increasing emphasis on short-term profits and predictable growth in U.S. business may be creating a culture where failure is not an option, closing the door on new processes that involve big risks and big rewards,” said Reilly. “It could be that the American way of business may very well be squashing innovation right out of the process.

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