International Innovation Barometer 2024

Learn how the world’s most innovative leaders are financing innovation to succeed.

Cover image - International Innovation Barometer 2024

2023 has been characterized by near universal economic difficulty

At the same time, the world is fast-approaching very clearly defined net-zero deadlines, which will require record levels of both short and long-term investment into climate technologies. The result is that sustainable innovation has become a focal point for government policy around the world.

This report, our fifth annual International Innovation Barometer, presents an inflection point where innovation is becoming permanently aligned with sustainability and builds on our analysis of international R&D over the previous four editions. For this year’s report we surveyed 1,053 R&D and innovation directors, Chief Financial Officers, Chief Executive Officers, and business owners in 17 countries across Europe, North America and Asia.

Some of the key findings from this year’s Barometer include:

  • Innovation is fundamental for businesses: 99% of businesses surveyed are innovating, 97% have a defined budget for innovation and 89% have dedicated innovation teams.
  • 55% are spending between 6 and 10% of revenue on innovation with the average business spending a considerable 6.4%.
  • Only 23% named sustainability as a top-three priority for their organization.
  • But 78% of firms have allocated up to 20% of their annual budget to sustainability, with almost 33% spending between 11% and 20%.
  • 33% see insufficient R&D tax incentives and lack of supportive government policy as challenges to progress.

For all the findings in the 2024 edition download your free copy of the International Innovation Barometer today!