Businesses cutting spend on innovation at dangerous rate in the UK
New research reveals that in March, before extensive Covid-19 restrictions, just 8% of businesses surveyed said they would not be investing in innovation activity this year, with that rising to 25% during the current crisis – a 213% increase. In the UK that change is higher – from 4% to 23%.
Research by innovation firm Rainmaking, carried out by YouGov, shows that businesses predict 2020 revenues will fall by almost half as the implications of Covid-19 become apparent.
Business leaders also confirmed the measures being taken to navigate the current crisis: reducing costs by improving efficiency (30%), cost cutting measures including redundancy (29%), cancelling planned investments in growth projects (28%), accessing state Covid-19 bailout funds (21%) and reducing investment in innovation activities (15%).
The full press release can be access via this link.
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Rainmaking commissioned YouGov to poll 312 Director level and C-suite executives in the UK (104), US (106) and Denmark/Sweden (102). The original interviews were conducted between 12-24 March 2020, with a further round of interviews conducted between 7-14 April 2020. This second round featured 247 of the same respondents from the original survey in the UK (77), US (78) and Scandinavia (92).
Rainmaking is one of the world’s leading corporate innovation and venture development firms with 12 offices around the world, including major tech hubs such as London, Copenhagen, Dubai, Singapore, New York, and Sydney. They create, accelerate, and scale new business with the world’s leading corporations and entrepreneurs to solve big problems.
Rainmaking has launched 29 ventures worth over $2BN in value, including one of the world’s most active global investors and accelerators, Startupbootcamp. Since 2006, they invested in over 900 startups who went on to raise almost $1bn. Rainmaking has partnered with 10% of the Fortune500 companies to bring new strategies and market-based solutions including IKEA, VISA, Airbus, Engie, HSBC, Jaguar among others. They are also a proud member of the UN Global Compact, driving major initiatives on a broad spectrum of social and environmental impact issues. For more information please visit www.rainmaking.io