Corporate culture in big businesses, including a risk-averse culture, red tape and time constraints, contributes to the stifling innovation of innovation, according to new research conducted by London-based digital agency Graphene Studio.

Although the majority of respondents have a team or department and a budget dedicated to innovation, most are struggling to become more innovative. Half of the respondents consider their rivals to be more innovative than they are, 62% complain there are too many steps involved in getting management to give approval for new ideas and 45% of decision makes believe their organisation is too risk-adverse to embrace innovative technologies.

“Having budgets and personnel dedicated to innovation is one thing, but if the processes for creating and implementing new ideas are not in place then employees’ creative thinking is likely to get lost in a web of red tape and rejected by risk-averse managers. Companies, particularly large ones, must change their mindsets. They must create new structures to fast-track exciting ideas, and they must be ready to fail along the way because the long-term benefits of unearthing a great area for innovation will typically outweigh the odd unsuccessful project,” says Ritam Gandhi, founder and director of Studio Graphene.

The research revealed that one of the primary issues with implementing innovation is time constraints, with 51% saying they are too busy to think about innovation.

The study surveyed over 750 senior decision within UK organisations to uncover how they approach innovation. In addition, the survey showed that a third of businesses have tried and failed to implement a new technology in the past year with half saying Brexit hindered innovation in their organisations.