Radical innovation is becoming a clear strategic necessity for ambitious global business leaders to address toughening customer demands, geopolitical instability and shareholder desire for continued double-digit growth. However, there is a significant disconnect between DeepTech intent and execution, with organisational, cultural and external factors proving to be greater barriers to innovation than technology itself. This is according to a new global Deep Tech Index by Cambridge Consultants, the DeepTech powerhouse of Capgemini, which explores what it takes to achieve radical innovation and some of the most critical barriers faced by C-suite executives today.
Based on a survey of 750 global CXOs and 25 in-depth executive interviews, the report reveals that nearly six in 10 (59%) CXOs consider radical innovation the most exciting type of innovation. Most (81%) said that defensible technological IP is important in capturing long-term value for their businesses. Interviewees stated that business leaders are increasingly turning to radical innovation as both a primary defensive and offensive strategy to survive intensifying market demands, volatile competitive landscapes and accelerating technological shifts. Despite this, the report finds a challenging disconnect between intent and execution that needs to be addressed urgently.
Based on insight from the in-depth executive interviews, CXOs are struggling to deliver impact from innovation and are actively looking to establish specific organisational conditions that move unproven, early-stage ideas cleanly from concept to a defined, real-world commercial outcome.
