The fourth annual survey on the top 1000 corporate R&D spenders from Booz & Company is out today—and it includes some nuggets that offer insight on how the US measures up against other nations.
The study finds that the U.S. received more money from foreign corporations to develop products than any other nation in the last year. So other nations are outsourcing Americans to innovate.
Compared to last year’s Global Innovation 1000, this year’s list collectively spent US$492 billion on R&D in 2007. That’s 10% more than in 2006. This suggests that companies are — or were, at least —committed to innovation spending.
And what about China and India? Together Chinese and Indian companies account for just 1% of the total spending by the Innovation 1000. Still, companies based in these two nations saw their R&D investments increase by 22%. For context, the international compound annual growth rate was just 5.6%.
The findings will also be published in a detailed article in the winter 2008 edition of Booz & Company’s Strategy + Business .
What comes next? The Bloomberg Businessweek Innovation and Design blog chronicles new tools for creativity and collaboration, innovation case studies in both the corporate and social sectors, and the new ideas that have the power to change the way things have always been done.