{"id":165227,"date":"2023-11-09T11:23:25","date_gmt":"2023-11-09T03:23:25","guid":{"rendered":"https:\/\/www.curtin.edu.au\/study\/?post_type=pd&p=165227"},"modified":"2024-07-10T10:55:36","modified_gmt":"2024-07-10T02:55:36","slug":"corporate-innovation-for-business-leaders","status":"publish","type":"pd","link":"https:\/\/www.curtin.edu.au\/study\/prof-development\/corporate-innovation-for-business-leaders\/","title":{"rendered":"Corporate innovation for business leaders"},"content":{"rendered":"\n

Corporate innovation is front and centre of most business leaders\u2019 minds. According to McKinsey<\/em>, 84% of CEOs believe innovation is critical for growth, but only 6% of these CEOs are satisfied with their innovation results. Similarly, BCG\u2019s<\/em> 2023 annual innovation survey of 1,000 global businesses leaders points out that 89% of the CEO\u2019s surveyed place innovation as a top three priority, but only 20% of them are satisfied with their innovation results[1]<\/a>.<\/p>\n\n\n\n

The reason for CEO\u2019s prioritising innovation is simple.<\/strong><\/p>\n\n\n\n

The stick<\/strong> \u2013 Without innovating companies face an existential threat. According to McKinsey<\/em> state that 80% of business models are at risk[2]<\/a>, while Forbes[3]<\/strong><\/a><\/em> states that \u201csince 2000, 52%<\/a> of Fortune 500 companies have “gone bankrupt, been acquired, or ceased to exist” due to digital disruption.\u201d<\/p>\n\n\n\n

The carrot<\/strong> \u2013 Innovative companies outperform the market. A 2023 BCG analysis shows that the top 50 most innovative companies outperformed the global MSCI index by 3.3% over a 20+ year period.<\/p>\n\n\n\n

Further, a handful of the world\u2019s most successful business leaders like Amazon\u2019s<\/em> Jeff Bezos and the lesser know Peter of Ma of Ping An have proven that the relentless pursuit of innovation is the key to business success today. While Amazon<\/em> needs no introduction, Ping An<\/em>, a Chinese insurance company grown from zero to US $ 100 billion in market cap in just three decades on the back of the CEOs extreme focus on innovation.<\/p>\n\n\n\n

Given the strong desire to innovate, but unsatisfactory results (for most organisations) coupled with the significant upside for organisations that get innovation right, it is important for business leaders to understand and focus on innovation to survive and thrive in today\u2019s highly competitive do or die business environment.<\/p>\n\n\n\n

This two-day masterclass will provide participants with an opportunity to understand the basics of corporate innovation and take a confident first step toward introducing corporate innovation best practices into their organizations. It will also be of value to energy transition leaders who need to innovate to meet challenging energy transition deadlines.<\/p>\n\n\n\n

[1]<\/a> BCG 2023 Most Innovative Companies report<\/p>\n\n\n\n

[2]<\/a> https:\/\/www.mckinsey.com\/capabilities\/strategy-and-corporate-finance\/how-we-help-clients\/growth-and-innovation<\/strong><\/a><\/p>\n\n\n\n

[3]<\/a> https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2020\/07\/01\/why-corporate-innovation-is-essential-today\/<\/a><\/p>\n\n\n\n\n \n\n

\n