Energy, health sectors need innovationThe second GE Innovation Barometer has been published and includes for the first time opinions of the South African business executives, who identified the energy and healthcare sectors as sectors that can benefit the most from innovation. The Innovation Barometer is a survey conducted by an independent research firm StrategyOne on behalf of General Electric, the New York Stock Exchange listed industrial and infrastructure components supply company. The research was undertaken during the fourth quarter of 2011 through telephonic interviews with 2800 senior executives across 22 countries, including South Africa. Each country had a minimum of 100 respondents. The executives are either directly involved in innovation at their companies or are decision makers. More R&DSouth Africans would like to see more government support for research and development and 86% of South African business leaders, in line with the global average, believe that innovation "is the best way to create jobs." Markets identifiedSouth African executives and their global peers have identified energy industries and healthcare, two markets in which GE operates, as sectors with the most innovation-driven growth potential. Telecommunications and construction industries are the other sectors seen as likely to benefit the most from innovation. In South Africa, the financial services as well as retail and distribution industries rank higher than the global average as sectors that can derive the most growth from innovation. Key drivers of innovationWhen asked to identify key drivers of innovation over the next decade, South African business leaders, more than leaders in other markets, felt that a "combination of players partnering together" would be an effective driver of innovation. 27% of local respondents point to small and medium enterprises as drivers of innovation, roughly in line with a global average of 28% while only 12% believe large companies will drive the process, compared to 21% in across the other jurisdictions. |