Initially, we wanted to capture overall perceptions of Responsible Innovation in the technology industry. Responsible innovation is defined as a framework for building enduring companies that are engineered at the outset for both growth and societal good. Getting an assessment of industry attitudes will allow the tech community to chart the best course forward to advance technology as a force for good. We asked each of the respondent groups various questions about their awareness of and support for the practice of Responsible Innovation. We did this to determine whether our understanding of Responsible Innovation was shared by the wider community.

The findings from the survey indicate that there is growing interest in Responsible Innovation. Our data shows that 80% of people think practices like Responsible Innovation should represent the future of the tech industry. 91% of people said that the societal impact of their company motivates them in the workplace and over half (51%) said it motivates them a lot. 66% of people, especially Millenial and Gen Z respondents, said it's very important for their company to care about societal impact – a crucial consideration for founders and investors as they build and invest in new companies. Expectations are high: 84% of people think founders can focus equally on building companies with positive financial and societal returns. This shows founders have no excuse not to embed Responsible Innovation in company creation. This level of support affirms the mission of the RI Labs to help transform the innovation economy with new standards for ethically deploying technology and building enduring companies.

We found a clear point of view on how businesses should set themselves up for success. Over three-quarters (75%+) of people believe businesses should be inclusive, sustainable, respect privacy and security, and build technologies that strengthen societies’ core institutions. This sets a benchmark for effective corporate governance: 83% of people agree businesses should build their operations and governance to minimize the possible negative impacts their technologies will have on the world. Companies should also have processes set up to prevent unintended consequences before they occur. 85% of people believe businesses should take accountability for the impact of their innovations on people and society, provide transparency around those metrics, and communicate proactively and openly with all stakeholders.

While there is strong support for Responsible Innovation, people also think more needs to be done, and urgently. 60% of people believe that the tech industry has failed to meet the goals of Responsible Innovation so far. 73% of people believe implementing this standard across the tech industry is either an immediate or big priority. Also, a majority of people think tech companies should be held responsible for the negative effects of their technologies. This sends a clear message to founders, investors and executives in the tech industry that the status quo is insufficient. People believe that the industry is less than five years away until failing to meet this standard will cause serious problems. 64% of people believe that, without intentional frameworks like responsible innovation, the tech industry of the future will fail to deliver more positive societal impact than negative. The data is clear that tech companies cannot afford to be complacent or they will be held accountable for the unintended consequences of their innovations, which could have substantial reputational and financial costs.

Investors are key advisors to technology companies, often nurturing and championing them as they grow. We wanted to explore their role, and gauge how our audiences understood their responsibility for innovation. The data reveals that there is growing acknowledgement that investors have an obligation to generate returns beyond just profits and to make technology a force for good in the world.

It is important to conduct strong due diligence and ensure companies are built to last and benefit society. Respondents think investors have an important role to play in corporate decision-making around societal impact, and also that they should be held accountable for the negative consequences of their investments. 63% of people agree that investors should be held accountable for the unintended negative consequences of their investments. This was especially true for younger generations: 71% of millennials felt this way.

Investors are well placed to help instill the practices of Responsible Innovation in the company creation process. In fact, 41% of executives say they would look to investors and board members for advice on improving their company’s societal impact. 72% of people think investors have a lot of ability to drive change within an organization. Since investors are a source of guidance as companies scale, there are calls for them to work with  companies to achieve both financial and societal returns: 42% of people saw board members and investors (combined as a group) as the most able to drive change within organizations. Also, 1 in 4 say their companies have made changes to have more positive societal impact as a result of guidance from their investors.

Responsible Innovation Labs worked with Qualtrics to survey a population of 1,440 people among tech executives (224), tech employees (404) and an informed general public group (810) during the month of March.