2015 global innovation 1000 - strategy& · pdf filein 2013 was named one of the “top...

Innovation’s New World Order

2015 Global Innovation 1000

October 2015 Webinar

Strategy& | PwC

Introduction

R&D spending and trends

Globalization of R&D

October 2015 1

Strategy& | PwC

Study authors

October 2015 2

Barry Jaruzelski [email protected]

is a principal with Strategy&, PwC’s strategy consulting business, and with PwC US. Based in Florham Park, N.J., he works with high-tech and industrial clients on corporate and product strategy and the transformation of core innovation processes. He created the Global Innovation 1000 study in 2005, and in 2013 was named one of the “Top 25 Consultants” by Consultingmagazine.

Kevin [email protected]

is a principal with PwC US, and leads the firm’s innovation and development consulting services. Based in San Francisco, he focuses on driving enterprise-wide innovation and enabling growth through new products, services, and business model innovations.

Volker [email protected]

is a principal with Strategy&, PwC’s strategy consulting business, and with PwC US. He focuses on engineered products and services, particularly in the automotive and heavy equipment industries, and specializes in strategic product value management, turnarounds, and implementation of global M&A.

mailto:[email protected]



Strategy& | PwC

For the 11th year Strategy&, PwC’s strategy consulting business, studied innovation trends at the world’s 1,000 largest publicly listed corporate R&D spenders

October 2015 3

2009:Profits Down,

Spending Steady

2005: Money Isn't Everything

2006: Smart Spenders

2007: The Customer

Connection

2008: Beyond Borders

2010: How Top

Innovators Keep Winning

2011:Why Culture

Is Key

2012:Making Ideas

Work

2013:Navigating the Digital Future

2014:Proven Paths to

Innovation Success

2015:Innovation’s New

World Order

Strategy& | PwC

The study has become a recognized contributor in better understanding what drives success in R&D and innovation

October 2015 4

• The Global Innovation 1000 study has received significant media and academic recognition over past decade:

– Called “the most comprehensive assessment of the relationship between R&D investment and corporate performance” by The Economist in 2009

– Awards:• Silver (2011) and Gold Medals (2014)

for original research by the American Society of Business Press Editors

• “Best of Visions” award from PDMA in 2009

• Special Achievement Award for advancing innovation dialog from the Innovate Forum in 2006

– Cited in more than 180 publications spanning 27 countries & 6 continents

Global Innovation 1000: Selected Press Coverage

Strategy& | PwC

In addition to performing our annual R&D spending analysis, we examined the globalization of R&D

October 2015 5

•R&D Spending and Trends

Analysis of R&D Spending and Trends− Annual R&D spending across the 1,000 largest R&D

spenders globally (publicly-traded firms)− R&D spending by region and industry (absolute

spending, growth, and proportion of total)− R&D intensity (spending as a percent of revenue)− Top 20 R&D spenders globally− 10 Most Innovative Companies

Methodology− Spending determined on the basis of companies‘

annual reports from their most recent fiscal year, as of June 30, 2015

− Most Innovative Companies determined based on a web survey of 369 senior R&D executives and Innovation leaders

•The Globalization of R&D

Understanding Global R&D Flows − How much and where in the world are companies

choosing to spend their R&D− How regional spending has changed since we last

looked at this topic in 2008, “Beyond Borders”

Methodology− We researched the global R&D footprint of:

• Top 100 companies from the Global Innovation 1000

• Top 50 companies in the largest three industries: auto, healthcare, and computing & electronics

• Top 20 companies in industrials, and software & Internet

− This resulted in 207 companies – reflecting overlap – which are headquartered in 23 countries, conducting R&D activities at 2,041 R&D sites in more than 60 countries, and represent 71% of the total Global Innovation 1000 R&D spend.

Strategy& | PwC

Introduction



October 2015 6

Strategy& | PwC

Executive Summary

7

• In 2015, R&D spending by the Global Innovation 1000 increased 5.1% to $680 billion, the largest year-over-year increase since 2012. R&D spending is now in line with the long-term trend of R&D spending growth of 5.4% over the last 10 years.

• R&D intensity – spending as a percent of revenue - also spiked to 3.7% from 3.5% in 2014, which is the result of falling revenues experienced by the Global Innovation 1000. Similar to what happened in 2010 after the Great Recession, companies tend to stick with their innovation program despite cyclical revenue fluctuations.

• Software & Internet had the highest year-over-year growth rate (27%) of all the industries, which propelled it past the industrials sector to become the fourth-largest industry by R&D spend.

• Apple made its first-ever appearance in the Top 20 R&D Spenders list and has an intensity of 3.3%, compared to an average of 12.5% for the other 19 companies on the list.

• Apple and Google remain the two most innovative companies, according to our survey respondents, while Tesla jumps to third place, pushing Amazon down to fifth. Toyota rejoins the ranking at number 10 after a two-year hiatus.

October 2015

Strategy& | PwC

Higher R&D spend doesn’t ensure performance…

October 2015 8

The Performance DisconnectExample analysis showing relation between R&D & financial performance

y = 0.032x + 1.2914R² = 0.0114

-5

0

5

0 1 2 3 4 5 6 7

Indexed Sales Growth

~10,000 analyses found NO statistical relationship between R&D spend and:• Sales growth• Gross profit growth• Operating profit growth• Operating margin• Net profit growth• Net margin• Market cap growth• Total shareholder return

Source: Strategy& 2015 Global Innovation 1000 analysis, Bloomberg data, Capital IQ data

Strategy& | PwC

…however, there is a minimum threshold – you can be “Too Rich” or “Too Thin”

October 2015 9

The Performance Disadvantage of the Bottom 10% of Spenders

1.01.0

1.71.9 1.9

1.7

Operating Profit Growth Index Regionally Adjusted Shareholder Return Index

Inde

xed

Perf

orm

ance

Indexed Middle 80%Indexed Bottom 10% Indexed Top 10%


• Spending much less than industry median does lead to consistently lower performance

• Spending much more than industry median does notdrive consistently better performance

Strategy& | PwC

$680$647$638$614$560

$508$538$501$447$409$400

2006 2015

+70%

20132005

5.44%

2014201220112010200920082007

Y-o-Y Growth 2.2% 9.3% 12.2%

10-year CAGR = 5.4%

7.3% -5.6% 10.3% 9.7% 3.8%

10

1.4%

In 2015, R&D spending by the Global Innovation 1000 saw the return to the long-term growth trend

Global Innovation 1000 R&D Spending $US Billions

5.1%


October 2015

Strategy& | PwC

Innovation 1000 firm revenue fell 1%, reversing the long-term trend of decreasing R&D intensity

11

Global Innovation 1000 R&D Intensity (Spending as a Percent of Revenue)

Y-o-YGrowth -8.5% -2.0% -0.8% -4.5% 5.3% -5.5% -2.0% 2.5% -2.2% 6.1%


10-year Average

October 2015

2007

3.6%

2006 2011

3.6%

2013

3.6% 3.5%

2009 2014

-11.7%

3.7%3.7%3.9% 3.8%

2008

3.8%

2005

-1.24%

2010 2012

4.2%3.5%3.8%

2015

10-year CAGR = -1.2%

Strategy& | PwC

Computing & electronics, healthcare, and auto continue to be the three largest industries in terms of total R&D spend

12


2%3%

2%

TelecomConsumer

24%

11%Software and Internet

Auto

11%

Computing and Electronics

21%

16%

Healthcare

Aerospace and Defense3%

6%

Industrials

Chemicals and Energy

Other

2015 R&D Spending by IndustryTotal = $680 Billion

October 2015

Strategy& | PwC

Software & Internet passed industrials and healthcare is closing in on C&E as the largest industry by R&D spend

13


$166

$145

$109

$75

$42

$76

$22$20$12

$60

$80

$0

$100

$140

$20

$180

$40

$160

$120

Healthcare

‘12


Other

Industrials

‘11 ‘15‘10‘05

Auto

Aerospace and Defense

‘14‘08

Consumer

‘07‘06

$10

‘09 ‘13

Computing and Electronics

Software and Internet

Telecom

R&D Spending by Industry$US Billions

October 2015

Strategy& | PwC

Software & internet grew at over 27%, far greater than the growth of all other industries from 2014 to 2015

14

-10.0%

-4.3%-2.8%-0.7%-0.1%

4.5%5.0%6.0%8.9%

27.4%

-10

-5

0

5

10

15

20

25

30

Software and Internet

%

Industrials Other ConsumerComputing and

Electronics


Aerospace and Defense

Auto TelecomHealthcare

% Change in R&D Spending by Industry2014-2015


October 2015

Strategy& | PwC

Apple made its first-ever appearance in the Top 20 R&D Spenders in 2015 despite having a low intensity

15

Rank Company Region Industry 2015 R&D Spending ($B) Intensity (%)

1 Volkswagen Europe Auto 15.3 5.7%2 Samsung Asia Computing and Electronics 14.1 7.2%3 Intel North America Computing and Electronics 11.5 20.6%4 Microsoft North America Software/Internet 11.4 13.1%5 Roche Europe Healthcare 10.8 20.8%6 Google North America Software/Internet 9.8 14.9%7 Amazon North America Software/Internet 9.3 10.4%8 Toyota Asia Auto 9.2 3.7%9 Novartis Europe Healthcare 9.1 17.3%

10 Johnson & Johnson North America Healthcare 8.5 11.4%11 Pfizer North America Healthcare 8.4 16.9%12 Daimler Europe Auto 7.6 4.4%13 General Motors North America Auto 7.4 4.7%14 Merck North America Healthcare 7.2 17.0%15 Ford North America Auto 6.9 4.8%16 Sanofi Europe Healthcare 6.4 14.1%17 Cisco North America Computing and Electronics 6.3 13.4%18 Apple North America Computing and Electronics 6.0 3.3%19 GlaxoSmithKline Europe Healthcare 5.7 15.0%20 AstraZeneca Europe Healthcare 5.6 21.4%

Total $176.5

NEW

NEW

Increase or decrease within Top 20 ranking compared with 2014


Top 20 R&D Spenders

Companies that have been among the Top 20 R&D Spenders since 2005

Honda fell to #21, IBM fell to #26,

October 2015

Strategy& | PwC

Apple & Google continue to lead the Most Innovative list, while Tesla has moved up to third

16

Rank 2010 2011 2012 2013 2014 2015

1 Apple Apple Apple Apple Apple Apple

2 Google Google Google Google Google Google

3 3M 3M 3M Samsung Amazon Tesla

4 General Electric General Electric Samsung Amazon Samsung Samsung

5 Toyota Microsoft General Electric 3M Tesla Amazon

6 Microsoft IBM Microsoft General Electric 3M 3M

7 Procter & Gamble Samsung Toyota Microsoft General Electric General Electric

8 IBM Procter & Gamble Procter & Gamble IBM Microsoft Microsoft

9 Samsung Toyota IBM Tesla IBM IBM

10 Intel Facebook Amazon Facebook Procter & Gamble Toyota

10 Most Innovative Companies

Source: Strategy& 2015 Global Innovation 1000 survey data and analysis

October 2015

Strategy& | PwC

As in previous years, the 10 Most Innovative Companies outperform the top 10 R&D spenders

17

Source: Strategy& 2015 Global Innovation 1000 analysis, Bloomberg data, Capital IQ data*Only 9 of the 10 Most Innovative Companies were included in Market-Cap Growth. Tesla was removed as it does not have Market-Cap data spanning back five years.

2015 10 Most Innovative Companies* vs. 2015 Top 10 R&D SpendersFinancial performance normalized by indexing values within each industry

Highest Possible Score:

Lowest Possible Score:

Normalized Performance of Industry Peers:

53%

65%63%

46%

63%55%

5Y Revenue Growth CAGR

5Y Market-Cap Growth CAGR

0%

50%

100%

5Y EBITDA as a % of Revenue Avg

Top 10 R&D Spenders10 Most Innovative Companies

October 2015

Strategy& | PwC

Introduction



October 2015 18

Strategy& | PwC

Executive Summary

October 2015 19

• R&D is now a global activity for the vast majority of major corporations, as 94% conduct R&D in countries beyond their home country.

• Asia has become the number one region for corporate R&D spending, Europe has fallen to number three, and North America remains in second place. In our 2008 study, this order was reversed.

• Asia’s rise was driven by strong imports and domestic R&D spending. Most notably, China increased in-country R&D spending by 79% and is closing in on the U.S. as the largest country destination for imported R&D.

• The U.S. is still the largest in-country (domestic and imported) R&D spender. However, its overall lead is shrinking against most Asian countries, but expanded over most Western European countries.

• Europe’s fall to third-largest region for R&D spending was the result of low growth in domestic and imported R&D, and high growth in exported R&D; most noticeably in France and Germany.

• Surveyed R&D professionals ranked access to talent and proximity to customers higher than tax advantages in choosing where to conduct R&D.

Strategy& | PwC

The largest spenders by region have remained the same, but where they spend their R&D has changed

20

Corporate In-Region (Domestic & Imported) R&D 2007 & 2015 $US Billions

Corporate R&D by Companies Headquartered Region 2007 & 2015 $US Billions

Asia is now the top regional destination for R&D spending, followed by North America and Europe. In 2007, that order was reversed.

Source: Strategy& 2015 Global Innovation 1000 analysis

October 2015

30% Europe

45%

2015

$480

2007

$351

North America

24%

34%

42%

0%Asia25%

+37%

Rest of World1% Rest of World

Europe

North America

Asia

5%

35%

$480

+37%

2007

33%34%

$351

27%

35%

28%

2015

4%In 2015, almost half of all R&D spend came from North American companies, but only about a third of all R&D was actually done in North America.

Strategy& | PwC

Asia’s rise as the top region for R&D spending was driven by both robust imports and domestic spending

21

Asia In-Country (Domestic & Imported) R&D 2007 & 2015 $US Billions

$55

$25

$10

$35

$45$40

$30

$20

$0

$15

$5

$50

Taiwan

$28

$7 $7

$50

+121%

$6

Japan

+32%

+115%$40

$13

$3

South KoreaChina

$55

+98%

Singapore

$25

+121%

+120%

India

+24%

$5

Rest of Asia

$3

$13

$7

20072015


October 2015

Strategy& | PwC

Leading the way for Asia was China, which is closing in on the U.S. as the largest country for imported R&D

22

12%

7%

$44

6%

+141%

+79%

9%

2007

22%

15%

21%

10%

Japan

Germany

31%

$25

Switzerland

U.S.

2015

7%

South Korea

20%

Rest of World

41%

Top Five Countries That China Imported R&D from 2007 & 2015 $US Billions

Imported R&D by Country 2007 & 2015 $US Billions


$10$0 $50$30$20 $60$40

+74%

Singapore +121%

+64%

+23%

+116%

France

Germany

U.K.

U.S.

+79%

+12%

India

Canada

Japan

-7%

Israel

+12%

-21%

China

20072015

October 2015

Strategy& | PwC

R&D professionals ranked strategic reasons higher than cost advantages when moving R&D functions to China

23

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

26%33%

Easier Place to Export to the Rest of the World

Reliability of Project Execution

Experienced Labor Market

30%

Access to Technical Talent

39%

Lower Development

Costs

53%

Proximity to Key Suppliers

54%

Proximity to Key Manufacturing

Sites

59%

Proximity to High Growth

Market

71%


What Are the Benefits of Moving R&D Functions to China?n = 369

Top three responses based on proximity

October 2015

Strategy& | PwC

The U.S. remains the largest in-country R&D spender...

24

In-Country (Domestic & Imported) R&D 2007 & 2015 $US Billions

$150

$0

$50

$100

France

+120%

+34%

Germany ItalyIsrael

+115%-21% +98% +69%

-5%+15%

+12%

South Korea

+41%

China

$109

U.S.

$25

$145

$11$7$13

$7$16$20$22$23$28

$13

$32$28

$50$40

Canada

$55

$11$8 $9 $10

Japan U.K.India

+24%


October 2015

20152007

Strategy& | PwC

…however, its lead against key Asian countries is eroding

October 2015 25

-50% 70%-40% 0% 20% 60%-20% 50%30%-10% 10%-30% 40%

China

France

$11

$22

South Korea

$32

5%

$13

Eastern Europe*

$10

$55

$14

Germany

$11

U.K.-41%

64%

Israel

Japan

-29%$16

-16%-14%

48%

Italy

61%

26%

$50

$28

Canada

-7%

15%

India

EuropeNorth AmericaRest of World

Asia

% Change 2007-2015, In-Country (Domestic and Imported) R&D Relative to the U.S. Height of bar = 2015 In-Country R&D Spend ($US Billions)

U.S. = 0 Gained Advantage Lost Advantage

Source: Strategy& 2015 Global Innovation 1000 analysis*Eastern Europe Includes: Russia, Poland, Romania, Czech Republic, Slovakia, Croatia, Hungary, Bulgaria, Estonia, Latvia, Serbia, Turkey, and Slovenia

Strategy& | PwC

U.S. firms significantly increased R&D performed in low-cost Asian countries such as China and India

26

Rest of World

43% U.S.

21%

$214

Europe

2015

11%

25% Asia

17%

11%

2007

$146

27%

45%

U.S. HQ Firms’ R&D Allocation 2007 & 2015 $US Billions


9%

9%

8%7%6%5%

$80

10%

2007

45%

9%7%7%5%5%

15%

15%

Japan

$121

Israel

36%

Canada

China

Germany

2015

India

U.K.

Rest of World

Top 7 Countries That the U.S. Exported R&D to2007 & 2015 $US Billions

October 2015

In 2007, the U.K. was the top export destination for U.S. R&D. In 2015, it was third.

Strategy& | PwC

Europe’s decline was the result of low growth in domestic and imported R&D, and high growth in exported R&D

27

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

R&D by Domestic

Companies

R&D Imported

R&D Exported

46%

18%

2%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

50%

40%

R&D by Domestic

Companies

R&D Exported

21%

R&D Imported

16%

86%

60%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

R&D by Domestic

Companies

R&D Exported

R&D Imported

% Change in R&D Spending By Region2007-2015

North America Europe Asia


October 2015

Strategy& | PwC

European firms increased their R&D allocation to Asian and North American high-cost countries

28

32% 29%

23%16%

23%25%

13% 14%

9%

$144

2%

Asian Low-Cost Countries (LCC)

3%

Asian High-Cost Countries (HCC)

Home

4%2%

48%

North American HCC

$119Rest of World

Eastern European LCC

57%

2007 2015

Western European HCC

5%

European HQ Firms’ R&D Allocation 2007 vs. 2015 $US Billions

October 2015

Home

Source: Strategy& 2015 Global Innovation 1000 analysisNote: High-cost countries (HCC) refers to countries with an average engineering wage > $35,000. All countries with an average engineering wage of less than or equal to $35,000 are low-cost countries (LCC).

Offshore

Nearshore

European firms decreased their total R&D allocated to Europe from 57% in 2007 to 48% in 2015.

Strategy& | PwC

The three largest economies in Europe - the U.K., France, and Germany - all increased their share of exported R&D

29

33%($6)

67%($12)

Exported R&DDomestic R&D

20%($3)

80%($11)


50%($10)

50%($10)

35%($8)

65%($14)

65%($20)

35%($11)

69%($35)

31%($16)

U.K. France Germany

2007

2015

R&D Allocation by Country 2007 vs. 2015 $US Billions

October 2015

Strategy& | PwC

In fact, France only saw positive growth in exported R&D, but those exports were not to other European countries.

30

-25%-20%-15%-10%-5%0%5%

10%15%20%25%30%35%40%45%50%

R&D by Domestic Companies

R&D Imported R&D Exported

46%

-20%-21%

% Change

% Change in R&D Spending in France2007-2015


French HQ Firms’ R&D Export Allocation2007 & 2015 $US Billions

29%

26%

$14

Asia

Europe

12%

33%

Rest of World

2015

North America

2007

32%

0%$10

29%

38%

October 2015

North America replaced Europe as the primary destination for French R&D.

Strategy& | PwC

R&D professionals ranked access to talent and proximity to customers as top factors in choosing where to conduct R&D

31

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Tax Advantages

71%

Access to Technical Talent

68%

Proximity to Customers

64%

Insight into Local Market Needs

56%

Operating Costs

44%

Labor Costs

38%

Software Design

34%


The Most Important Attributes When Considering Where to Conduct Your R&Dn = 369

October 2015

Strategy& | PwC

R&D professionals ranked attributes related to managing employees most challenging when conducting R&D abroad

32

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

53%

Intellectual Property Protection

43%51%

Finding/Retaining Talent

Quality and Customer Focus

47%

Risk/Project Management

41%

Managing Cultural Differences

39%

Focus on Profitability*

Source: Strategy& 2015 Global Innovation 1000 survey data and analysis* Focus on profitability includes those who voted for “Currency risk” and “Return on investment”

The Most Challenging Attributes When Conducting R&D Outside of Home Country n = 369

October 2015

Strategy& | PwC

In both 2007 and 2015, companies investing in R&D globally performed ~20% better over local R&D spenders

October 2015 33

1.31.2

1.0 1.01.00.9

3Y Op Margin

Indu

stry

Inde

xed

Med

ian

Valu

es

3Y Return on Assets

3Y Op Income CAGR

Global Local

1.31.3

1.2

1.01.01.0

5Y Return on Assets

5Y Op Income CAGR

Indu

stry

Inde

xed

Med

ian

Valu

es

5Y Op Margin

Discussion

Global R&D Driven companies invest more than 60% of their R&D spend on facilities outside their home country annually.

Local R&D Driven companies invest less than 60% of R&D spend on facilities outside their home country annually.

Global R&D vs. Local R&D DrivenMedian of OI CAGR, Op Margin, and ROA

2007 2015

Source: Strategy& 2015 Global Innovation 1000 analysisNote: In 2015, 38.57% is the median R&D spend at home among the universe of 207 companies studied; % of R&D spend in home countries ranges from 0 to 100%; Companies selected for the study are top 100 R&D spenders overall, the top 50 spenders in Auto, C&E and Health, and the top 20 in industrials and software.

Strategy& | PwC

Unlike in 2007, companies with more dispersed R&D footprints now outperform companies with focused ones

October 2015 34

1.4

1.31.3

1.01.01.0

3Y TSR

Indu

stry

Inde

xed

Med

ian

Valu

es

3Y Market Cap CAGR

3Y Op Income CAGR

Highly Focused Dispersed

1.01.01.01.11.1

1.2

5Y Market Cap CAGR

5Y Op Income CAGR

Indu

stry

Inde

xed

Med

ian

Valu

es

5Y TSR

Discussion

Highly Focused R&D Footprint players have the smallest number of R&D sites, after indexing against sales.

Dispersed R&D Footprint players have a widespread network of R&D locations.

Highly Focused vs. Dispersed R&D FootprintsMedian of OI CAGR, TSR, and Market Cap CAGR

2007 2015

Source: Strategy& 2015 Global Innovation 1000 analysisNote: In 2015, highly focused R&D footprint companies have less than 1.3 sales indexed R&D location, (1.3 representing the 25% percentile in the universe of 207 companies); Number of indexed R&D locations range from 0.03 to 40.77; Dispersed R&D Footprint companies have more than 1.3 sales indexed R&D location.

Strategy& | PwC 35

For the complete study and moreinformation on the annual Strategy& Global Innovation 1000 study

Please visit:http://www.strategyand.pwc.com/innovation1000

For media or other inquiries, please contact: Kiran Chauhan+1 416 890 8695

[email protected]

October 2015

http://www.strategyand.pwc.com/innovation1000

Strategy& | PwC

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We do that by working alongside you to solve your toughest problems and helping you capture your greatest opportunities. These are complex and high-stakes undertakings — often game-changing transformations. We bring 100 years of strategy consulting experience and the unrivaledindustry and functional capabilities of the PwC network to the task. Whether you’re charting your corporate strategy, transforming a function or business unit, or building critical capabilities, we’ll help you create the value you’re looking for with speed, confidence, and impact.

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2015 global innovation 1000 - strategy& · pdf filein 2013 was named one of the “top...

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