21+ Business Innovation Statistics Must Know in 2024

Innovation is a hot topic in the modern business world. It can drive a company forward, taking it to new heights of profitability and customer satisfaction. 

Executives understand the importance of staying ahead of the game with innovation, as 84% of them consider it to be very or extremely important for their future success. However, Professor Clayton Christensen reports that 95% of product innovations fail.

Let’s  talk about 15 cutting-edge business innovation statistics  that may shift your perspective on what true business success looks like.

Business Innovation Statistics: Key Numbers

• 84% of executives believed that innovation was critical to their future success.
• 95% of all product innovations fail, according to HBS professor Clayton Christensen.
• One in every five new products fails to meet customer expectations.
• 62% of fast-growing businesses intend to spend money on initiatives that boost innovation.
• Nearly 30% of companies actively include AI in their innovation plans. (Business Consulting Group)
• Compared to 44% of SMEs, 58% of large businesses were actively engaged in innovation.
• 84% of consumers cite innovation as being somewhat or very important in a company’s ability to sell them a product.
• 34% of consumers prefer to own products that make them appear innovative to others. 5
• Every year, an astounding 30,000 new products are introduced.

Source: (Accenture, HBS, Innvolo, PSG, CustomerThink, Nielseniq)

Importance of Innovation In Business

• Very important: 71%
• Somewhat important: 21%
• Not very important: 4%
• Not at all important: 3%
• Don’t know: 1%

Source: Tech Pro Research

Innovation Impact Metrics Used By Companies

• 69% of companies cite sales growth as the most important metric for measuring innovation at their organization.
• 43% of companies consider customer satisfaction ratings among the most important metrics for measuring innovation.
• 40% of companies regard the number of new ideas in the pipeline as a critical metric for innovation.
• 36% of companies list market share as an essential metric for assessing innovation.
• 31% of companies identify the number of products in the pipeline as a key metric for measuring innovation.
• 28% of companies consider the net value of the innovation portfolio as an important metric for innovation.
• 24% of companies highlight time to market as a significant metric for measuring innovation.

Source: PwC’s Innovation Benchmark

Innovation Blockers Statistics

• 42% of companies identify long development times as a common roadblock to innovation success.
• 32% of companies struggle with selecting the right ideas, as a barrier to innovation.
• 31% of companies cite a risk-averse culture as an obstacle to successful innovation.
• 25% of companies experience a lack of coordination as a hindrance to innovation.
• 22% of companies report that not having enough great ideas is a significant blocker to innovation.
• 20% of companies face challenges with marketing innovations as a barrier to their innovation efforts.

Source: Coplex 

Key Success Factors for Innovation

• 72% of organizations say innovation is part of their strategic planning.
• 60% of companies are “need seekers” focused on engaging customers and being first to market.
• 11% of “need seekers” have aligned business and innovation strategies.
• 77% of strong innovators support open innovation.

Source: Coplex 

Innovation Drives Faster Growth in Value, Revenue, and EBITDA

• Innovative companies experience 30% faster enterprise value growth.
• Innovative companies achieve 11% faster revenue growth.
• Innovative companies see 20% faster EBITDA growth.

Source: Coplex 

Who Leads Innovation?

• 37% of innovation projects are led by innovation specialists.
• 14% of innovation projects are led by Chief Innovation Officers.
• 25% of innovation projects are led by executive management or corporate strategy leaders.

Source:  Coplex

Leading Causes of Increased Innovation Pace

• 67% of companies cited the exploration of new possibilities as a reason for the increased pace of innovation at their company.
• 61% attributed the increase in innovation to better technology.
• 59% mentioned the development of new products as a key factor.
• 58% reported new ways of doing things as a driver of innovation.
• 56% credited visionary leaders with the increase in their company’s innovation pace.
• 45% noted the development of new markets as a significant reason for innovation.
• 42% highlighted more talent as a contributing factor to the increased pace of innovation.

Source: Tech Pro Research