“Innovate or Die” is not a phrase that is easily translated to be understood in Japanese. Everyone acknowledges that over time emerging countries or companies can catch up with developed countries by becoming more innovative. However, over the past 20 years many Japanese companies and citizens seem to have gradually lost their determination to innovate.
As a run-up to the World Economic Forum in Davos, Deloitte conducted a Millennial survey targeting those born after 1982 in 18 countries worldwide (300 targets per country). Overall, responses from Japanese indicate that they’ve lost confidence in their ability to be innovative. For instance, the positive response to the question “Do you work for an innovative company?” was only 25% in Japan compared to 60% for the global average. Also, of the positive responses to the question “Do you consider yourself as innovative?” responses for Japan were only 24% compared to 62% on average globally.
Will Japan keep losing its determination to be innovative? Of course, it shouldn’t. The country needs to revitalize by breaking through the barriers of innovation.