New research reveals 31% of SE Asian companies have innovation plan ready for pandemic recovery in 2021
New research from RISE has revealed that, despite the Asian economy contracting due to COVID-19, only 31% of companies in the region actually have an innovation plan in place to help them recover from the hard-hitting impact of the virus. RISE released the data ahead of this year’s RETHINK GLOBAL which takes place this Wednesday the 9th of December at 13:30 (GMT+7) time with the goal to share more about how corporate innovation is the key to recover from challenging times. RISE is one of the largest corporate innovation startups in Southeast Asia. It has supported over 400 companies to drive innovation and it is also the launchpad for over 4,000 successful start-ups across the region, with an estimated value of 1.2 billion USD.
Speakers at RETHINK Global include:
- Vince Tobias, Head of Innovation, Ayala (Philippines)
- Sam Tanskul, Managing Director, Krungsri Finnovate (Thailand)
- Leonardo Koesmanto, Head of Digital Banking, DBS (Indonesia)
- Hanson Toh, Director of Special Projects, Axiata (Malaysia)
- Dr. Kid Parchariyanon, CEO & Co-founder, RISE
- Rathiya Issarachaikul, Chief Operating Officer, RISE
With recent figures from the Asian Development Bank revealing GDP across the region is set to decrease by a minimum of 0.7% this year due to coronavirus, RISE CEO and Co-founder, Dr. Kid Parchariyanon believes corporate innovation is key to powering recovery. The study by RISE also found that despite over 1/3 of companies expecting revenue growth from innovation, the majority of them do not succeed due to a failure to implement change. In addition to this, research from McKinsey (pre-coronavirus) showed Asia was on track to top 50 percent of global GDP by 2040. That projected figure is something Dr.Kid Parchariyanon believes we may fail to achieve if we don’t implement real change within corporates and help transform how they operate.
To accelerate the recovery and growth of corporations across Southeast Asian, RETHINK GLOBAL is on a mission to encourage C-Level Executives to invest in new corporate practises and technological developments. The event will feature a number of industry experts from across Asia who will provide insights into how to regain GDP through new methods of doing things. One of the highlights of the event will be the unveiling of RISE’s Corporate Innovation Maturity Model or CIMM which will assess corporates on where they are in their innovation journey and where to develop further. CIMM showcases 5 stages of corporate innovation maturity including Newcomer, Explorer, Challenger, Practitioner, and Champion which all stages can be empowered by 2 attributes; People and Technology.
Speaking about the findings and the importance of innovation during a hugely turbulent time for Southeast Asia’s economy, RISE CEO and Founder Dr. Kid Parchariyanon says:
“Our research shows only 3 out of 10 corporates think their organizations have a clear innovation plan in place, which is worrying considering we were projected to reach 50% of global GDP by 2040. With research also revealing Asia was set to drive 40% of the world’s consumption, a lack of innovation within organizations could threaten our global ambition. RISE is on a mission to increase GDP by up to 1% across the region through helping guide companies develop capacity to create real corporate innovation. Through RETHINK GLOBAL, we hope to help corporations assess what stage they are at in implementing innovation and provide them with unique insights on how to make significant change to help regain profits pre-coronavirus and grow exponentially.”
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