This document reports the second annual results of an international index of Innovation Confidence developed for and funded by the Institute for Innovation & Information Productivity (IIIP) by the Hunter Centre for Entrepreneurship at the University of Strathclyde in association with the Global Entrepreneurship Research Association.
The report displays results from a survey of over 81,000 individuals in 25 nations, tests the stability, validity, and reliability of the IIIP Innovation Confidence Index, identifies some predictors of Innovation Confidence, draws implications for government and business, and suggests options for further research on Innovation Confidence. The results from the expanded survey confirm the findings of the 2007 survey and develop new insights on what influences Innovation Confidence and what it means for business.
Innovation Confidence, a measure of consumer demand for innovation, is the degree to which individuals are willing to engage with and perceive benefit from new products or services, or products or services that embody new technology.
It is measured as the IIIP Innovation Confidence Index, which is derived from three different consumer survey items that a factor analysis has shown to load together with acceptable reliability and sampling adequacy across a wide range of nations. Innovation confidence is distinct from general consumer confidence; it is influenced by deep-seated communal values that change with the socio- economic development of nations.
Consumers in societies with traditional values are much more likely to be innovation confident than those in societies with secular/rational values. New products and services may be supplying a need for human choice in societies where choice is restricted in many spheres by communal norms.