New Study Highlights Five Traits of Leading Innovators

Innovation is a prized concept across the business world. It’s a word many people use to draw eyeballs and support recruitment activities. But, has anyone ever really stopped to think about what innovation is and how it can drive a business?

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The Mastercard-sponsored report by Harvard Business Review Analytic Services identified 5 key traits of innovators. (Photo: Business Wire)

Mastercard and Harvard Business Review Analytic Services today unveiled Become 2020, the inaugural edition of an innovation-focused research initiative. Become includes the Business Innovators Index and an associated report, Innovators Become Leaders, which explores the key differentiators that separate the leading innovators from their peers.

“It’s more important than ever for companies of any size to be innovative and creative. It’s our lifeblood,” said Ajay Banga, president and CEO of Mastercard. “This study offers insights and experience from several of the world’s leading thinkers to help others spark the creativity and culture to drive their business.”

Understanding Innovation

Over the past six months, Harvard Business Review Analytic Services (HBRAS) asked more than 1,000 executives how their organizations approach innovation across five key areas – process, human capital, funding, customer experience, and data and technology. Additionally, more than 1,000 global consumers were surveyed to see whether businesses are properly prioritizing what matters most to their customers.

After analyzing the responses, HBRAS developed the Business Innovators Index, with 100 representing the peak of innovative strategy, frameworks and behaviors. The study revealed that while most organizations understand the importance of innovation for growth and success, the majority do not effectively execute on their ideas.

Using the organizations’ self-reported responses to 40 behavioral and attitudinal questions, three groups were identified:

• Leaders – possessing the broadest range of innovation capabilities. This group had a mean innovation score of 88
• Followers – having capabilities in some innovation pillars. They had a mean innovation score of 66 and represented 42 percent of all respondents
• Laggards – lacking a wide range of innovation capabilities. This group had a mean innovation score of 37

Activating Insights