\Corporate Innovation News/ 64% of companies are cutting innovation budgets A survey of large French companies shows they are going for fewer projects but looking to scale them up faster. By Maija Palmer 30 June 2020 Credit: Photo by form PxHere Credit: Photo by form PxHere \Venture Capital Can Europe turn record startup investments into a sure thing? By Marie Mawad in Paris 2 March 2021 \Corporate Innovation News/ 64% of companies are cutting innovation budgets A survey of large French companies shows they are going for fewer projects but looking to scale them up faster. By Maija Palmer 30 June 2020 Fewer projects — and smaller projects — but more emphasis on making them scale. This is what the picture looks like for corporate innovation in France, according to a survey by Founders Factory France. They found that 64% of large French companies were planning to cut their innovation budget. However, said Albin Serviant, chief executive of Founders Factory France, the remaining innovation projects were getting far more attention from the C-suite. “Innovation is a board-level issue now. There are fewer projects but more emphasis on scaling them,” he said. “Innovation is a board-level issue now. There are fewer projects but more emphasis on scaling them.” This is both good and bad news. “It is good news for chief digital officers; they are suddenly at the forefront of strategic decisions. It is an opportunity for innovation teams to do something with more impact,” he said. The bad news is that return on investment is under more scrutiny too. Some 71% of companies said this was the main performance indicator for innovation. Given that return on innovation can be difficult to measure, this may put teams under pressure to prove their worth. Companies also seem to be putting more emphasis on innovation within the company. When asked what innovation measures were likely to be put in place this year, intrapreneurship was by far the most popular answer. Using internal resources makes sense during straightened times, but intrapreneurship can be hard to pull off. It may be worth companies reading this guide to avoiding the biggest pitfalls. Want the best of Sifted in your inbox? Our newsletter brings you the latest, greatest stories on startup Europe. Sign up Terms of Use Related Articles Not everyone can become an entrepreneur in Europe By Marie Mawad in Paris Click here to read more Only 21% of tech unicorns are led by women, report shows By Freya Pratty Click here to read more Black entrepreneurs receive just 0.24% of capital in the UK By Freya Pratty Click here to read more Systemic barriers for minority business owners persist, report shows By Freya Pratty Click here to read more Get the best of Sifted in your inbox By entering your email you agree to Sifted’s Terms of Use Sign up to \Future Proof Sifted’s weekly \Corporate Innovation roundup email By entering your email you agree to Sifted’s Terms of Use Most Read 1 Member \Deeptech 11 European quantum computing companies to watch 2 \Deeptech European companies set to dominate psychedelics market 3 \Venture Capital Is it time for more SPACs in Europe? 4 \Startup Life Can startups grow without venture capital? 5 Member \Venture Capital Who will be Estonia’s next unicorn? Join the conversation Subscribe Notify of new follow-up comments new replies to my comments
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