84% of NI CEOs embrace a 'fail fast' culture of rapid innovation

  • The latest KPMG CEO survey for Northern Ireland is out, and the results speak positively to Northern Ireland's growing culture of rapid innovation.

    Northern Ireland's tech companies are no stranger to innovation, with a growing number of new tech startups each year and larger firms such as Kainos branching into emerging technologies and experimental development. The latest KPMG Global CEO Outlook report agrees, with Northern Ireland standing out from the crowd when it comes to experimentation.

    According to the report, most NI CEOs support a "fail fast" approach to projects in which unsuccessful innovation attempts are celebrated rather than punished. Anyone in the NI tech scene will be familiar with the way that failed innovations here are often seen as investments in developing employees and an opportunity to develop competence.

    The report highlights that at this is being respected the CEO level in NI, with 84% of respondents confirming that they are actively attempting to disrupt global markets. Around 92% of NI CEOs say they want their employees to feel free to innovate and 84% embrace "fast failing" in innovation, far above the global average of 56%.

    Around 92% of CEOs believe they need to improve innovation process or execution (compared to only 63% globally), indicating that CEOs may believe their current ad-hoc strategy of rapid innovation and celebrating failures isn't the right way to do things. Nevertheless, that strategy has proven hugely successful for Northern Ireland's tech scene and tech employees, and it's a factor that sets NI tech apart from competing regions globally.

    John Hansen, Partner in Charge of KPMG Northern Ireland, said: “Successful CEOs know they need their companies to be as innovative as possible and it’s clear that the right environment is being created in Northern Ireland to do just that. Our leaders aren’t afraid to give their teams the scope to try new ideas which may have a risk of failure and that opens up a world of potential. This level of freedom will no doubt make sure that Northern Ireland companies are at the cutting edge of innovation in the years to come.”

    Source: Written based on press release

    About the author

    Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.

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