2012 Global Innovation Barometer: Innovation is the game-changer for economic competitiveness in the Middle East
GE has released the results of its second annual ‘Global Innovation Barometer,’ – a report that highlights perspectives on innovation across the world including the Middle East. The survey analyses results from 3,000 senior business executives in 22 countries, including over 200 senior level business executives in Saudi Arabia and the UAE.
The survey found that businesses in the region focus on innovation as the main driver to achieve a more competitive economy and to create jobs. The region scored higher than the global average in business confidence on the power of innovation to improve people’s lives, and in the way that governments are allocating resources and budgets, across all sectors including healthcare, education and energy security.
92% respondents from the Middle East agreed that innovation is the main lever for a more competitive economy, in line with the global average. Over 80 % respondents in the region also agreed that innovation is the best way to create jobs and it is the main driver to create a greener economy.
Saudi and UAE Highlights:
Respondents from Saudi Arabia are more satisfied than the global average regarding the way the country is allocating resources and budget. Energy needs (83 percent) and healthcare (82 percent) are the two key areas where respondents were most enthusiastic about the efforts made by the Saudi Arabian government. Saudi Arabia finds that appetite for innovation among the young generation serves as one of the best global contexts for innovation, with 60 percent agreeing that having more people with advanced technical experience will help innovators on a day-to-day basis.
Some 96 % of the respondents in Saudi Arabia, compared with the global average of 82 percent, said that the innovation environment in the Kingdom has improved, one of the best results among the 22 countries surveyed. This reflects the leading position of Saudi Arabia globally in terms of the confidence of businesses in the progress achieved to promote innovation-led growth by the Kingdom.
Executives in the UAE and Saudi Arabia ranked high in respondents reporting the highest levels of satisfaction with their country’s innovation environment. One of the best contexts for innovation in Saudi Arabia is the efficiency of public private partnerships in driving it, observed the respondents. A good 88 % agreed that innovation is about partnership between several different players than standalone success, while 85 percent agreed that innovation brings value to society and not only for consumers or citizens.
Some 63 % respondents in Saudi Arabia agree that public private partnerships have proved effective to support innovation and 59 percent agree that local universities efficiently prepare tomorrow’s innovation leaders.
The Barometer was commissioned by GE and conducted by an independent research and consulting firm StrategyOne to identify drivers and deterrents of innovation and to analyze perceptions around innovation opportunities and challenges.
Click here to go through results of the full survey