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Innovation as a growth driveraccording to the Q3 2016 Middle Market Indicator
Innovation drives middle-market growth
25% of
middle-market
firms
They count on newly introduced products for 20%
of their revenue.
New-product revenue is expected to increase 32%
in the coming year.
2© Grant Thornton LLP. All rights reserved.
What kinds of innovation will have the biggest impact on performance?
Improvements to
products or services
32% 21%Development of new
processes to improve
profitability
20%Development of new
products or services
3© Grant Thornton LLP. All rights reserved.
Innovation depends on talent + market smartsLeaders say they’re equally key.
Hiring and
keeping talent
60%
In-depth
understanding of
market conditions
59%
45% said creation of an environment and culture are conducive to innovation.
Learn more about
employment
growth.
4© Grant Thornton LLP. All rights reserved.
How do firms
plan to innovate
in the next 12
months?
39% continue to hire new talent
36% invest in R&D
19% look to acquisitions
Hiring new talent is the top choice for innovation
Watch. Key insights on balancing revenue + employment growth.
5© Grant Thornton LLP. All rights reserved.
42% Only 42% of leaders say their companies are excellent or
very good at driving innovation.
They give better rankings to other core competencies.
What’s the problem with innovation?Despite its importance, many leaders rate their companies only moderately
well at innovating
6© Grant Thornton LLP. All rights reserved.
© Grant Thornton LLP. All rights reserved. 7
So what’s next?
© Grant Thornton LLP. All rights reserved. 8
Innovation is expected to follow the hiring jump
Video: High-growth businesses: Balance revenue + hiring
Innovative talent is critical to driving innovation.
But don't go overboard — to sustain growth, balance investments in new talent
with those in revenue.
Check out resources for middle-market, high-growth companies
Balancing revenue + hiring
© Grant Thornton LLP. All rights reserved. 8
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