The term "innovation" has been bandied around with increasing frequency over the past decade.

There is a broad consensus among the general public that innovation is the way forward, as encapsulated by BFM Radio Presenter and Producer Melisa Idris.

"In my opinion, innovate or die. Innovation is progress. You can’t not innovate. You have to. It’s something that you need to do. And the quicker we realize that, the longer we survive,” said Melisa.

To measure the perception of innovation changing in a complex, globalised environment, General Electric (GE) recently launched the fifth edition of its Global Innovation Barometer (GIB). The Barometer also explores how markets appreciate the framework for innovation their respective nations have developed.

"The whole reason of commissioning the GIB is for us to have a basis on how the countries fare against each other and we use the result as a tool to engage more with stakeholders in the industry, how we position the innovation activities in each of the countries and working with stakeholders in benefitting the country in the long run," said GE Malaysia CEO Azli Mohamed.

"The result for Malaysia specifically is very positive. There is a huge consensus that innovation is key, there is an acceptance that areas such as digitalisation will be driving the new ecosystem of innovation. The next step is how we translate this perception to reality and address the actual gap in the market," he added.

Agensi Innovasi Malaysia (AIM) Executive Vice President Abdullah Arshad highlighted the importance of corporate leadership in embracing innovation.

"Leadership is important; innovation is top down. It's not a democratic process. It has to come from the top. The top will have to come out with strategies, including hearing ideas, developing those ideas and being willing to take risks," he said, adding that the level of collaboration with industry and academia should be increased to hasten the process of innovation.

Abdullah also stressed that the country needs a radical improvement to the education system to produce graduates who are "not just memorising, but contributing".

Google Malaysia Head of Marketing Jon Day said it was interesting to note that Malaysian businesses shy from achieving disruptive innovation due to management mindsets, with risk mitigation being a major consideration.

"It's interesting that many markets, including Malaysia, do prefer to have more incremental innovation versus disruptive innovation. I think it's probably because it’s more of a comfort factor. It’s dipping your toes in the water versus jumping in all the way," he said.

To achieve disruptive innovation, Day opined that it is significant to provide the right motivation, as well as working conditions, to the team.

"If teams are incentivised based on more short term numbers or more short term goals, they are more likely to try to hit those in an incremental manner or be afraid to take the risks required to be really disruptive," he said, adding that those best qualified to be disruptors should be given the freedom and the time to carry out their innovation projects.

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