We present the results of the study "Culture and talents to innovate"

• 20.33% of those surveyed mention uncertainty about the demand for innovative goods and services as a new difficulty in innovating.

Despite the economic challenges that construction is currently experiencing, the study "Culture and talents to innovate" by Madeco by Nexans and CTEC indicated that 70% of companies in the sector continue to carry out activities around innovation. This commitment underscores the growing consensus in the industry on the importance of innovation.

In this context, in a conference focused on innovation in construction, Madeco by Nexans presented the results of the study "Culture and talents to innovate" at the INACAP Headquarters. The event focused on sharing visions on how to make innovation tangible in the industry, highlighting that respondents identified financing (35.95%) and regulation (25.62%) as the biggest threats to the construction sector.

The initial presentation was given by Camilo Elton, General Manager of Madeco by Nexans, who began a conversation about the challenges and opportunities around innovation in the sector. The day included a panel that included the participation of prominent leaders, Lucas Palacios, Rector of INACAP, Claudia Bobadilla, President of the Board of Directors of Cintac and Director of Nuevo Pudahuel, Alan García, Executive Director of SOFOFA Hub and Ramón Salinas, Head of Copec Wind Garage.

In this context, Camilo Elton, General Manager of Madeco by Nexans explained that "we have identified that innovation is very relevant to face the current economic challenges, and we are very happy to see that even in difficult times, betting on innovation continues to be seen as essential".

For her part, Carolina Briones, Executive Director of CTEC, highlighted that "previously, companies sought to keep their innovative developments more reserved, but now they are understanding the benefits of collaborating. Collaborative innovation is a consensus in the sector, collaboration has not only become desirable but also very necessary".

Likewise, Lucas Palacios, rector of INACAP indicated that "we are afraid to do things differently, we are afraid of making mistakes, but if we want to find different results we have to do things differently. We are on a forced foot to innovate. We have to dare to trust and collaborate with those who think differently but pursue a common goal."

Traditional barriers persist and new difficulties emerge

Lack of resources remains the main barrier to innovation, although its impact has dropped from 31% in 2023 to 21.14% this year. Additionally, 20.33% of respondents mention uncertainty about the demand for innovative goods and services as a new difficulty in innovating.

In terms of time spent on innovation, 65% of participants indicate that they invest three hours or less a week in this type of activity, which raises opportunities for improvement in the possibility of bringing innovation into practice and business culture.

On the other hand, 26.06% say that collaboration is the most valuable characteristic in the members of their organization to drive innovation and at the same time 17.07% identify the "difficulty in finding partners to cooperate in innovation" in their company as the main barrier to innovation. In this framework, part of what was discussed in the panel was how collaboration for the development of innovation.

Economic perception of the sector and challenges in hiring

The study also reflected a challenging economic perception in the construction industry: 49.30% of respondents consider the situation to be unfavorable, an increase from 40% in 2023. In line with this, 48.68% of companies do not plan to make new hires during 2024, compared to 44% last year.

On the other hand, companies' own economic perception also worsened: 18.4% consider the situation in their company to be bad in 2024, compared to 12.99% in 2023. Despite these figures, the intention to invest remains, with 57.24% of companies planning to make investments in 2024, slightly higher than the 55.71% in 2023.