Global R&D Industry Optimistic About Prospects of a Positive Change in the US Tech Economy: Reveals a Survey Conducted by Zinnov at its "R&D Globalization Council"
Top multinational technology companies addressed questions regarding their global innovation efforts during the economic downturn
Santa Clara, CA (PRWEB) November 26, 2008 -- Management Consulting firm, Zinnov, today released the findings of a recently conducted survey of senior executives from the R&D industry at its 'R&D Globalization Council' held earlier this month. These executives, who participated in the survey, oversee research and development work at a global level for some of the leading technology companies. The survey was a part of the 'R&D Globalization Council' hosted by Zinnov, which saw participation by over fifty companies.
The survey was designed to gauge how the current global economic crisis is impacting efforts by these global technology companies to innovate new products.
Some very interesting facts that were revealed as an outcome of the survey:
| | - Despite the current state of the economy, only 27% of the respondents plan a "slowdown in growth" of their Global R&D initiatives.
- "Reduced travel" was cited as the number one response to the downturn (34%), with a freeze on hiring being the second-leading answer at 29%.
- 11% noted that they are continuing to grow R&D efforts abroad.
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Discussing the most common obstacles that they are currently facing;
| | - 38% of respondents stated that "lack of productivity" was the number one challenge that they were facing to take their efforts international.
- "Talent retention" was the second greatest issue (31%) with "cost escalation" being the third most-frequent response at 14%.
- In addition to all of this, "inability to innovate" finished a distant third at 9%.
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The vast majority of companies (73%) stated that, at present, they do not plan to expand their global R&D efforts beyond their current international location(s). And of the ones who said that they would expand, emerging locations like India and China were clear choices for them.
Interestingly, almost 90% of respondents said they were "more optimistic" about "the prospects for positive change in the U.S. tech economy with the new administration."
Regarding the Zinnov R&D Globalization Council
Zinnov's first annual "R&D Globalization Council" in the United States included executive management teams from leading technology companies. The council addressed specific ways in which multinationals can leverage global locations for product development and R&D to help combat the current economic slowdown. The conference also allowed leadership teams to share best practices in an effort to optimize R&D operations in locations such as China, Eastern Europe, India, Taiwan, Ukraine and other emerging locations.
About Zinnov LLC
Founded in 2002, Zinnov - meaning Zeal in innovation - is a leading management consulting company providing services in the area of Offshore Advisory, Market Expansion and Human Capital Optimization to Fortune 1000 companies and reputed SMB firms. They work collectively with clients to tackle prevailing organizational challenges by analyzing the changing dynamics, improving performance, and building institutional capability. The services delivered to their clients through advanced reasoning and analytical techniques, provides solutions that help in integrating organizational vision, business definition & processes.
For more information, contact:
Kinjal Chhetri
Zinnov LLC
Ph: 408-716-8432
Michael Lindenberger
BOCA Communications
Ph: +1-415-531-1449
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