Searching for new sources of growth, companies across all industries and regions are increasing their spending on innovation in 2005. For many of these companies, doing so is a long-term bet - but it is one motivated by current pressures that will only become more intense. Indeed, in most industries, almost everywhere in the world, growth is harder and harder for companies to generate. Commoditization is an increasing threat, and coin - pet it ion is more and more challenging. As a result, 74 percent of respondents to a global survey the authors conducted in late 2004 said that their companies would increase their investment innovation in 2005.