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Innovation: It's Not What You Know but Who You KnowNEW YORK, Nov. 17, 2015 /PRNewswire/ -- A global survey of leading executives shows businesses are responding to an environment of rapid change and technological disruption by establishing partnerships across firms, industries and geographies. The second report in Telstra's global research series, Connecting Companies: Strategic Partnerships for the Digital Age, found companies driving innovation today are increasingly relying on partnerships rather than traditional in-house R&D or acquisition strategies. The Connecting Companies research found the primary motivation of digital partnerships is to develop new capabilities that serve the 'always on' customer including the mobile-first customers of the rising middle classes in Asia. The research also showed:
Martijn Blanken, Group Managing Director, Telstra Global Enterprise and Services said the research confirms that across multiple industries the pace of technology change is so great that to keep up, most successful global businesses are pursuing strategies based on the power of many. "It is not that the age of in-house R&D and product development is dead, but in many industries you just can't go it alone anymore. Whether it is the Indian conglomerate Tech Mahindra strategic partnership with Cisco on the Internet of Things or investments in start-ups like Telstra is making through our muru-D accelerator and Ventures Group, partnerships are a key part of business strategies," said Mr Blanken. "It doesn't always come easily. It's natural for a business to want to compete rather than collaborate, but to succeed in this environment takes a mindset that is open to experimentation. As the EIU says in the research be promiscuous but take precautions. So make multiple small bets on big technologies, playing the field and being prepared to exit quickly if things aren't working." "Interestingly, the research reveals some regional disparities. With the majority of respondents in fast growth economies like India, China and Indonesia saying their partnerships are driven by the desire to either expand into new markets," said Mr Blanken. "In contrast, European and North American respondents are more interested in developing new capabilities in products and services and showing differentiation to existing segments, of course both approaches open the door for some fantastic collaboration opportunities," he added. The research surveyed more than 1,000 respondents from Asia, Europe, Middle East, Africa, North America and Australia across 20 industries.
Key Findings from United States
About Connecting Companies: Strategic Partnerships for the Digital Age The research, commission in June 2015, surveyed 1044 senior business leaders, half (51%) of whom are C-level executives or board members. Respondents come from across the world, with 48% based in Asia-Pacific, 33% in Europe, Middle East & Africa, and 19% in North America. There is a minimum of 75 respondents from China, France, Germany, India, Indonesia, Japan, the UK and the US. A total of 20 industries are represented in the survey with at least 80 respondents coming from each of the following six industries: entertainment, media and publishing; financial services; healthcare; IT & technology; manufacturing; and professional services. The sample is evenly split between firms with annual revenue over $500m and below $500m. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/innovation-its-not-what-you-know-but-who-you-know-300179825.html SOURCE Telstra |