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Unleashing
the power of
innovation
How the role of innovation within the
business and the way companies innovate
are being transformed.
www.pwc.com
2 Unleashing the power of innovation
Gauging
changing
perspectives
3PwC
Unleashing the power
of innovation.
Drawing on a survey of 246 CEOs
from around the world, the report
explores the changing role and nature
of innovation in today’s businesses1
. To
see how innovation is evolving, we’ve
compared the findings to a similar
study we carried out in 20092
.
What emerges from the latest survey
is that CEOs are now taking personal
responsibility for directing and
inspiring innovation as it becomes
an ever more vital element of
business survival and success. How
companies innovate is also being
transformed. Companies might once
have been satisfied with incremental
product improvements. Now, they’re
increasingly looking for breakthrough
developments in their business
models and the solutions they provide
for customers.
The problem is that while the eyes of
the CEO are fixed on innovation, the
body of the organisation may not be
following. The ‘antibodies’ that inhibit
innovation include a culture that sees
it as separate from the mainstream
operations of the business and is slow
to commercialise new ideas.
The days when innovation was the
preserve of research and development
(R&D) units at the sidelines of the
business have gone. Successful
companies recognise that innovation
is a mainstream process, which brings
together frontline teams, customers
and a range of different partners from
beyond the organisation. At the heart
of these developments is the realisation
that how you innovate determines
what innovations you deliver.
We hope that you find this report
useful and interesting. If you’d like to
discuss any of the issues raised and
how to address them in more detail
please feel free to contact your usual
PwC representative or one of the
authors listed on page 13.
We surveyed 246 CEOs from around
the world
246
1
The primary research includes the views of 246 CEOs from PwC’s Global CEO panel, who were polled in May 2013. PwC’s panel is made up of a cross-
section of multinational companies across all sectors, company sizes and home locations (both from developed and emerging economies).
2
Caught in the crossfire: http://www.pwc.com/gx/en/consulting-services/innovation.jhtml
4 Unleashing the power of innovation
Innovation is moving up the
boardroom agenda as companies
recognise its vital importance in
sustaining growth.
Almost all the CEOs taking part in
our survey recognise the value of
innovation for their companies, with
most seeing it as either a priority or
a primary focus (see Figure 1). This
is a step change from our survey
in 2009. Back then, sharpening
operational effectiveness was the
overriding objective as companies
sought to survive the sudden loss
of revenue caused by the financial
crisis. Now, three-quarters of CEOs
regard innovation as at least equally
important to operational effectiveness
(see Figure 2). The strategic
importance of innovation is further
reflected in the fact that CEOs see their
role as leader or visionary rather than
delegating responsibility down the line
(see Figure 3).
“Innovation is a prerequisite for survival…
I make sure my management team has
the right attitude towards change and
challenges the norm.”
CEO, Western Europe
Increasing appetite
for innovation
Innovation’s rise up the CEO agenda
reflects the changing business
environment. Growth is now
exceptionally hard won and simply
doing what you’re doing a little
better may not be enough to sustain
it. The competitive climate has also
been transformed as the internet,
social media and new digital devices,
revolutionise the way consumers buy
products and services and what they
expect from them.
64% say innovation and operational
effectiveness are equally important to the
success of my company.
64%
5PwC
10%
Innovation is our primary
focus. We are creative
and regularly pioneer
cutting edge ideas and
approaches.
3%
Innovation is far more
important to the success
of my company than
operational effectiveness.
51%
Innovation is one of our
priorities. We are good
at generating new ideas
and approaches.
8%
Innovation is
more important
to the success
of my company
than operational
effectiveness.
36%
We value innovation. We’re
good at recognising new
ideas and approaches and
adopting them quickly.
64%
Innovation and
operational
effectiveness are
equally important to
the success of my
company.
3%
Innovation is not a priority
for us in the markets in
which we operate.
23%
Operational
effectiveness
is more
important to
the success
of my
company
than
innovation.
2%
Operational effectiveness
is far more important to the
success of my company than
innovation.
0%
Unsure/Don’t know
37%
34%
16%
7%
5%
1%
Leader
Visionary
Facilitator
Sponsor
Advocate
Follower
Base: All respondents (246)
Source: Global CEO Pulse Survey on Innovation
Base: All respondents (246)
Source: Global CEO Pulse Survey on Innovation
Base: All respondents (246)
Source: Global CEO Pulse Survey on Innovation
Figure 1
Which of the following statements best describes your
company’s appetite for innovation?
Figure 3
Which of the following do you see as your primary role in driving innovation within your organisation?
Figure 2
Which is more important to the success of your company –
operational effectiveness or innovation?
6 Unleashing the power of innovation
The focus of innovation is becoming
more radical as CEOs look for whole
new sources of revenue rather than just
better products.
The changing business landscape is
reflected in the evolving nature of
innovation. Products are still the top
priority. But as Figure 4 highlights,
business models and customer
experience are close behind.
“I believe that innovation is delivering value in
different forms. What really changes is how you
deliver that value to the customers, and how you
extract that information from them.”
CEO, Latin America
While in the past RD units would
have focused on ways to enhance the
product range, many CEOs are looking
to go much further by transforming
what they sell and how they sell it. A
soap powder manufacturer might open
up a chain of launderettes or an engine
maker could move from selling engines
to charging users for running them,
for example. What brings these new
business models together is a shift in
focus from products to solutions. The
product is clearly an important part
of the solution, but not everything.
In turn, the role of technology goes
beyond creating new and improved
products towards gaining sharper
insights into what customers want and
how to deliver it. A common thread
in the feedback from participants was
the need ‘to spend more time in the
marketplace’.
Innovation becomes
more radical
7PwC
“Innovation is a part of the overall business process in
bringing better operational efficiencies to our clients”
CEO, North America
26%
17%
15%
13%
9%
9%
8%
2%
0%
Products
Business model
Customer experience
Technology
Supply chain and channels to market
Services
Systems and processes
None/Don’t know
Other
48%
45%
44%
43%
41%
37%
33%
2%
2%
Products
Technology
Customer experience
Systems and processes
Business model
Services
Supply chain and channels to market
None/Don’t know
Other
0 10 20 30 40 500.0000008.33333316.66666725.00000033.33333341.66666750.000000
Base: All respondents (246)
Source: Global CEO Pulse Survey on Innovation
First choice Top 3 mentions
Figure 4
In which of the following areas is your company looking to innovate over the next 3 years?
8 Unleashing the power of innovation
As what CEOs expect from innovation
changes, so is the way it’s being
delivered and the desired culture that
surrounds this.
The importance of putting innovation
at the heart of strategic management
and involving the frontline of the
business is reflected in the fact that
CEOs see the right leadership and
culture as the most crucial ingredients
for success (see Figure 5). Related
areas of culture such as the capacity for
creativity, willingness to collaborate
and readiness to challenge accepted
norms are also high on the list.
A clear indication of innovation’s
move into the mainstream is that
many companies now expect staff to
allocate at least some of their time
to developing and supporting new
ideas, rather than simply relying on a
few bright sparks. Many participants
talked about the need ‘to empower
frontline staff’. The fact that talent is
quite low down the list would further
underline the move from innovation
being ‘alchemy’ by the few to ‘cookery’
by the many.
“The key ingredient is creating an
organisational culture that encourages
innovation in all areas.”
CEO, Central Europe
The key ingredients
for innovation
The importance of collaboration can
be seen in the number of companies
that are now working with customers
or other businesses to co-create new
products and solutions. The rapid
upsurge in the sale of e-readers
and e-books is a good example of
how these collaborations can create
game changing opportunities for
some businesses and the threat
of marginalisation for slower
moving competitors.
9PwC
26%
26%
9%
9%
9%
9%
5%
2%
1%
1%
4%
57%
44%
37%
31%
31%
30%
26%
11%
11%
9%
4%
Having the right culture to foster and support innovation
Strong visionary business leadership
The willingness to challenge organisational norms and take risks
The ability to capture ideas throughout the organisation
Having a capacity and capability for creativity
Collaborating with customers
Being able to locate and train the right people
Use of new techn (such as social media) to support innovation
Collaborating with suppliers
Being able to secure the right levels of funding
None/Don’t know
Strong visionary business leadership
Having the right culture to foster and support innovation
The willingness to challenge organisational norms and take risks
Collaborating with customers
Having a capacity and capability for creativity
The ability to capture ideas throughout the organisation
Being able to locate and train the right people
Collaborating with suppliers
Being able to secure the right levels of funding
Use of new tech (such as social media) to support innovation
None/Don’t know
Base: All respondents (246)
Source: Global CEO Pulse Survey on Innovation
First choice Top 3 mentions
Figure 5
What do you think are the most important ingredients for successful innovation at a company?
26% of CEOs said strong visionary business
leadership was the most important ingredient to
successful innovation at a company
26%
10 Unleashing the power of innovation
Overcoming the barriers to innovation
is likely to require new ways of building
it into the strategic and operational
management of the business.
The survey highlights a number of
barriers to innovation (see Figure
6). The strain on limited financial
resources heads the list of constraints,
though interestingly funding wasn’t
in itself seen as a key ingredient for
innovation. This suggests that money
can’t buy you success on its own, but
it does still need to be managed in a
smart way. This is especially so at a
time when the focus is shifting from
gradual to more radical innovation.
While the potential rewards from
new breakthroughs are higher than
incremental developments, the chances
of success are lower and therefore
how to target funding where it can
earn its best return is more difficult.
One of the keys to addressing this
challenge is making sure your appetite
for innovation matches your overall
targets for growth. For most mature
companies this is likely to mean a
balance between low risk/return
product development and higher
return but less certain breakthrough
innovation. While the actual balance
will vary, it’s possible to gauge the right
approach for your company and track
progress through metrics such as the
vitality index.
Overcoming the
barriers to innovation
CEOs also see culture as one of the
biggest constraints. This suggests
that encouraging people within the
organisation to embrace innovation
is still proving to be a challenge. An
important part of overcoming this
barrier is to eliminate the bureaucratic
decision making processes that
slow down the commercialisation of
innovations. A participant went so
far as calling for the ‘management
pyramid to be turned on its head’,
while accepting that in reality she
would have to ‘struggle with the
existing culture and structure, like
most companies.’
Building innovation into everyone’s
job description and creating
opportunities for collaboration
that go beyond the traditional
functional and organisational
boundaries are also important. The
most successful companies have
gone further in seeking to create a
culture of innovation. In keeping with
innovation’s changing risk/reward
profile this includes giving people
extra time to create and nurture
opportunities and being prepared to
tolerate risk and failure.
11PwC
“Give employees specific time periods to
work on something outside of their job
description and with other teams to foster
cross fertilisation of ideas.”
CEO, Asia Pacific
43%
41%
30%
21%
18%
14%
9%
Financial resources
Existing organisation culture
Lack of talent
Political and reulatory factors
Inadequate technology
Nothing is stopping me from being innovative
Weak governance/leadership
Base: All respondents (246)
Source: Global CEO Pulse Survey on Innovation
Figure 6
Which of the following constraints is stopping you from being more innovative?
43%
43% of CEOs said financial resources were one of
the biggest constraints on being more innovative
12 Unleashing the power of innovation
Innovative organisations are marked out by their
visionary leadership, licence to explore new ideas,
readiness to collaborate and ability to commercialise
new ideas quickly.
We believe that there are five key questions your
organisation will need to address if it is to become
genuinely innovative and generate full value from
its investment:
Is your organisation
creating full value
from innovation?
1
Does the way
you innovate
(collaboration,
employee
empowerment,
customer
engagement, time
horizons etc.)
reflect your vision
and appetite for
innovation?
2
How effectively are
you articulating
your vision and
appetite for
innovation to
employees, investors
and business
partners?
3
Do your employees
see creating,
promoting and
executing new
ideas as a crucial
part of their job
description?
4
Are the processes
for decision making
and organisational
mobilisation quick
enough to bring
new innovations
to market ahead of
your competitors?
5
How effectively do
you measure and
track the return
on investment and
ability to meet
customers’ changing
expectations?
13PwC
Innovative organisations are marked out by their
visionary leadership, licence to explore new ideas,
readiness to collaborate and ability to commercialise
new ideas quickly.
We believe that there are five key questions your
organisation will need to address if it is to become
genuinely innovative and generate full value from
its investment:
Contact us
David Percival
Global Innovation Product Lead
Tel: +44 7714229 219
Email: david.percival@uk.pwc.com
PricewaterhouseCoopers LLP
7 More London Riverside, London, SE1 2RT
Robert D Shelton
Global Innovation Strategy Lead
Tel: +1 650 218 3519
Email: rob.shelton@us.pwc.com
PricewaterhouseCoopers LLP
488 Almaden Blvd, San Jose, CA 95110
PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering
quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.
This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained
in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information
contained in this publication, and, to the extent permitted by law, PwC does do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone
else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
© 2013 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for
further details.
Design Services 28222 (06/13).
www.pwc.com

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Unleashing the power of innovation

  • 1. Unleashing the power of innovation How the role of innovation within the business and the way companies innovate are being transformed. www.pwc.com
  • 2. 2 Unleashing the power of innovation Gauging changing perspectives
  • 3. 3PwC Unleashing the power of innovation. Drawing on a survey of 246 CEOs from around the world, the report explores the changing role and nature of innovation in today’s businesses1 . To see how innovation is evolving, we’ve compared the findings to a similar study we carried out in 20092 . What emerges from the latest survey is that CEOs are now taking personal responsibility for directing and inspiring innovation as it becomes an ever more vital element of business survival and success. How companies innovate is also being transformed. Companies might once have been satisfied with incremental product improvements. Now, they’re increasingly looking for breakthrough developments in their business models and the solutions they provide for customers. The problem is that while the eyes of the CEO are fixed on innovation, the body of the organisation may not be following. The ‘antibodies’ that inhibit innovation include a culture that sees it as separate from the mainstream operations of the business and is slow to commercialise new ideas. The days when innovation was the preserve of research and development (R&D) units at the sidelines of the business have gone. Successful companies recognise that innovation is a mainstream process, which brings together frontline teams, customers and a range of different partners from beyond the organisation. At the heart of these developments is the realisation that how you innovate determines what innovations you deliver. We hope that you find this report useful and interesting. If you’d like to discuss any of the issues raised and how to address them in more detail please feel free to contact your usual PwC representative or one of the authors listed on page 13. We surveyed 246 CEOs from around the world 246 1 The primary research includes the views of 246 CEOs from PwC’s Global CEO panel, who were polled in May 2013. PwC’s panel is made up of a cross- section of multinational companies across all sectors, company sizes and home locations (both from developed and emerging economies). 2 Caught in the crossfire: http://www.pwc.com/gx/en/consulting-services/innovation.jhtml
  • 4. 4 Unleashing the power of innovation Innovation is moving up the boardroom agenda as companies recognise its vital importance in sustaining growth. Almost all the CEOs taking part in our survey recognise the value of innovation for their companies, with most seeing it as either a priority or a primary focus (see Figure 1). This is a step change from our survey in 2009. Back then, sharpening operational effectiveness was the overriding objective as companies sought to survive the sudden loss of revenue caused by the financial crisis. Now, three-quarters of CEOs regard innovation as at least equally important to operational effectiveness (see Figure 2). The strategic importance of innovation is further reflected in the fact that CEOs see their role as leader or visionary rather than delegating responsibility down the line (see Figure 3). “Innovation is a prerequisite for survival… I make sure my management team has the right attitude towards change and challenges the norm.” CEO, Western Europe Increasing appetite for innovation Innovation’s rise up the CEO agenda reflects the changing business environment. Growth is now exceptionally hard won and simply doing what you’re doing a little better may not be enough to sustain it. The competitive climate has also been transformed as the internet, social media and new digital devices, revolutionise the way consumers buy products and services and what they expect from them. 64% say innovation and operational effectiveness are equally important to the success of my company. 64%
  • 5. 5PwC 10% Innovation is our primary focus. We are creative and regularly pioneer cutting edge ideas and approaches. 3% Innovation is far more important to the success of my company than operational effectiveness. 51% Innovation is one of our priorities. We are good at generating new ideas and approaches. 8% Innovation is more important to the success of my company than operational effectiveness. 36% We value innovation. We’re good at recognising new ideas and approaches and adopting them quickly. 64% Innovation and operational effectiveness are equally important to the success of my company. 3% Innovation is not a priority for us in the markets in which we operate. 23% Operational effectiveness is more important to the success of my company than innovation. 2% Operational effectiveness is far more important to the success of my company than innovation. 0% Unsure/Don’t know 37% 34% 16% 7% 5% 1% Leader Visionary Facilitator Sponsor Advocate Follower Base: All respondents (246) Source: Global CEO Pulse Survey on Innovation Base: All respondents (246) Source: Global CEO Pulse Survey on Innovation Base: All respondents (246) Source: Global CEO Pulse Survey on Innovation Figure 1 Which of the following statements best describes your company’s appetite for innovation? Figure 3 Which of the following do you see as your primary role in driving innovation within your organisation? Figure 2 Which is more important to the success of your company – operational effectiveness or innovation?
  • 6. 6 Unleashing the power of innovation The focus of innovation is becoming more radical as CEOs look for whole new sources of revenue rather than just better products. The changing business landscape is reflected in the evolving nature of innovation. Products are still the top priority. But as Figure 4 highlights, business models and customer experience are close behind. “I believe that innovation is delivering value in different forms. What really changes is how you deliver that value to the customers, and how you extract that information from them.” CEO, Latin America While in the past RD units would have focused on ways to enhance the product range, many CEOs are looking to go much further by transforming what they sell and how they sell it. A soap powder manufacturer might open up a chain of launderettes or an engine maker could move from selling engines to charging users for running them, for example. What brings these new business models together is a shift in focus from products to solutions. The product is clearly an important part of the solution, but not everything. In turn, the role of technology goes beyond creating new and improved products towards gaining sharper insights into what customers want and how to deliver it. A common thread in the feedback from participants was the need ‘to spend more time in the marketplace’. Innovation becomes more radical
  • 7. 7PwC “Innovation is a part of the overall business process in bringing better operational efficiencies to our clients” CEO, North America 26% 17% 15% 13% 9% 9% 8% 2% 0% Products Business model Customer experience Technology Supply chain and channels to market Services Systems and processes None/Don’t know Other 48% 45% 44% 43% 41% 37% 33% 2% 2% Products Technology Customer experience Systems and processes Business model Services Supply chain and channels to market None/Don’t know Other 0 10 20 30 40 500.0000008.33333316.66666725.00000033.33333341.66666750.000000 Base: All respondents (246) Source: Global CEO Pulse Survey on Innovation First choice Top 3 mentions Figure 4 In which of the following areas is your company looking to innovate over the next 3 years?
  • 8. 8 Unleashing the power of innovation As what CEOs expect from innovation changes, so is the way it’s being delivered and the desired culture that surrounds this. The importance of putting innovation at the heart of strategic management and involving the frontline of the business is reflected in the fact that CEOs see the right leadership and culture as the most crucial ingredients for success (see Figure 5). Related areas of culture such as the capacity for creativity, willingness to collaborate and readiness to challenge accepted norms are also high on the list. A clear indication of innovation’s move into the mainstream is that many companies now expect staff to allocate at least some of their time to developing and supporting new ideas, rather than simply relying on a few bright sparks. Many participants talked about the need ‘to empower frontline staff’. The fact that talent is quite low down the list would further underline the move from innovation being ‘alchemy’ by the few to ‘cookery’ by the many. “The key ingredient is creating an organisational culture that encourages innovation in all areas.” CEO, Central Europe The key ingredients for innovation The importance of collaboration can be seen in the number of companies that are now working with customers or other businesses to co-create new products and solutions. The rapid upsurge in the sale of e-readers and e-books is a good example of how these collaborations can create game changing opportunities for some businesses and the threat of marginalisation for slower moving competitors.
  • 9. 9PwC 26% 26% 9% 9% 9% 9% 5% 2% 1% 1% 4% 57% 44% 37% 31% 31% 30% 26% 11% 11% 9% 4% Having the right culture to foster and support innovation Strong visionary business leadership The willingness to challenge organisational norms and take risks The ability to capture ideas throughout the organisation Having a capacity and capability for creativity Collaborating with customers Being able to locate and train the right people Use of new techn (such as social media) to support innovation Collaborating with suppliers Being able to secure the right levels of funding None/Don’t know Strong visionary business leadership Having the right culture to foster and support innovation The willingness to challenge organisational norms and take risks Collaborating with customers Having a capacity and capability for creativity The ability to capture ideas throughout the organisation Being able to locate and train the right people Collaborating with suppliers Being able to secure the right levels of funding Use of new tech (such as social media) to support innovation None/Don’t know Base: All respondents (246) Source: Global CEO Pulse Survey on Innovation First choice Top 3 mentions Figure 5 What do you think are the most important ingredients for successful innovation at a company? 26% of CEOs said strong visionary business leadership was the most important ingredient to successful innovation at a company 26%
  • 10. 10 Unleashing the power of innovation Overcoming the barriers to innovation is likely to require new ways of building it into the strategic and operational management of the business. The survey highlights a number of barriers to innovation (see Figure 6). The strain on limited financial resources heads the list of constraints, though interestingly funding wasn’t in itself seen as a key ingredient for innovation. This suggests that money can’t buy you success on its own, but it does still need to be managed in a smart way. This is especially so at a time when the focus is shifting from gradual to more radical innovation. While the potential rewards from new breakthroughs are higher than incremental developments, the chances of success are lower and therefore how to target funding where it can earn its best return is more difficult. One of the keys to addressing this challenge is making sure your appetite for innovation matches your overall targets for growth. For most mature companies this is likely to mean a balance between low risk/return product development and higher return but less certain breakthrough innovation. While the actual balance will vary, it’s possible to gauge the right approach for your company and track progress through metrics such as the vitality index. Overcoming the barriers to innovation CEOs also see culture as one of the biggest constraints. This suggests that encouraging people within the organisation to embrace innovation is still proving to be a challenge. An important part of overcoming this barrier is to eliminate the bureaucratic decision making processes that slow down the commercialisation of innovations. A participant went so far as calling for the ‘management pyramid to be turned on its head’, while accepting that in reality she would have to ‘struggle with the existing culture and structure, like most companies.’ Building innovation into everyone’s job description and creating opportunities for collaboration that go beyond the traditional functional and organisational boundaries are also important. The most successful companies have gone further in seeking to create a culture of innovation. In keeping with innovation’s changing risk/reward profile this includes giving people extra time to create and nurture opportunities and being prepared to tolerate risk and failure.
  • 11. 11PwC “Give employees specific time periods to work on something outside of their job description and with other teams to foster cross fertilisation of ideas.” CEO, Asia Pacific 43% 41% 30% 21% 18% 14% 9% Financial resources Existing organisation culture Lack of talent Political and reulatory factors Inadequate technology Nothing is stopping me from being innovative Weak governance/leadership Base: All respondents (246) Source: Global CEO Pulse Survey on Innovation Figure 6 Which of the following constraints is stopping you from being more innovative? 43% 43% of CEOs said financial resources were one of the biggest constraints on being more innovative
  • 12. 12 Unleashing the power of innovation Innovative organisations are marked out by their visionary leadership, licence to explore new ideas, readiness to collaborate and ability to commercialise new ideas quickly. We believe that there are five key questions your organisation will need to address if it is to become genuinely innovative and generate full value from its investment: Is your organisation creating full value from innovation? 1 Does the way you innovate (collaboration, employee empowerment, customer engagement, time horizons etc.) reflect your vision and appetite for innovation? 2 How effectively are you articulating your vision and appetite for innovation to employees, investors and business partners? 3 Do your employees see creating, promoting and executing new ideas as a crucial part of their job description? 4 Are the processes for decision making and organisational mobilisation quick enough to bring new innovations to market ahead of your competitors? 5 How effectively do you measure and track the return on investment and ability to meet customers’ changing expectations?
  • 13. 13PwC Innovative organisations are marked out by their visionary leadership, licence to explore new ideas, readiness to collaborate and ability to commercialise new ideas quickly. We believe that there are five key questions your organisation will need to address if it is to become genuinely innovative and generate full value from its investment: Contact us David Percival Global Innovation Product Lead Tel: +44 7714229 219 Email: david.percival@uk.pwc.com PricewaterhouseCoopers LLP 7 More London Riverside, London, SE1 2RT Robert D Shelton Global Innovation Strategy Lead Tel: +1 650 218 3519 Email: rob.shelton@us.pwc.com PricewaterhouseCoopers LLP 488 Almaden Blvd, San Jose, CA 95110
  • 14. PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PwC does do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. © 2013 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. Design Services 28222 (06/13). www.pwc.com