Ungated Post | 08 Oct 2015
Harnessing the Power of Entrepreneurs to Open Innovation
Oxford Economics worked with Accenture to survey 1,000 large companies and 1,000 entrepreneurs across the G20 countries in mid-2015. The data formed the basis for Accenture’s report to the annual G20 Young Entrepreneurs’ Alliance summit held in Turkey in September 2015.
We surveyed 1,000 C-level executives and their direct reports in 11 industries at large companies (mainly with revenues above $1 billion) and 1,000 business owners at small companies (revenues below $250 million) across the same range of industries. The research was aimed at exploring their views and attitudes toward collaboration and innovation.
Our research found that although nearly three-fourths of large companies (71%) reported successful collaboration with entrepreneurs, little more than half of entrepreneurs (57%) agreed. This is a gap that must be closed. Obstacles to effective collaboration were also identified: entrepreneurs often question their partners’ commitment to supporting the growth of their businesses; at the same time, large enterprises often lack confidence in a startup’s ability to move from idea to marketability in the context of a broader business strategy. The rewards of getting collaboration right are considerable, especially in broader, more open ecosystems. We found a statistically significant correlation between collaboration, innovation, and growth—among both large companies and startups—in all the G20 countries that we analyzed.
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
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Diantha Redd
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