How Mid-Market Manufacturing CEOs Are Involved in the Innovation Process

According to a recent information released by the National Center for The Middle Market, the more involved a company is in innovation, the more established their processes are. For example, 51% of respondents have a formal process in place for innovation idea generation. That number increases to 59% for project selection, and increases even further to 63% when it comes to implementation of a new idea.

The C-suite is most involved when discussing ideas to fund, whereas, customer feedback is critical at all three stages. Just 29% of CEOs are involved at general discussion phase, while 44% are involved in selection. That number drops down to 34% once the idea moves to the implementation phase.

In addition, the most adept middle-market innovators, which NCMM says are also likely to be the fastest-growing companies, maintain innovation portfolios that include more adventurous projects.

NCMM_Innovation_Infographic_FINAL SHORT

 

 

 

SHARE
Chief Executive magazine (published since 1977) is the definitive source that CEOs turn to for insight and ideas that help increase their effectiveness and grow their business. Chief Executive Group also produces e-newsletters and online content at chiefexecutive.net and manages Chief Executive Network and other executive peer groups, as well as conferences and roundtables that enable top corporate officers to discuss key subjects and share their experiences within a community of peers. Chief Executive facilitates the annual “CEO of the Year,” a prestigious honor bestowed upon an outstanding corporate leader, nominated and selected by a group of peers, and is known throughout the U.S. and elsewhere for its annual ranking of Best & Worst States for Business. Visit www.chiefexecutive.net for more information.

PARTNER CENTER