Innovation’s Top 50: Who’s Who on the Cutting Edge
Yesterday, the Boston Consulting Group announced their list of today’s Top 50 Most Innovative Companies, and the report unearthed some surprising facts about innovation.
“49 out of 50 of 2013’s Most Innovative Companies leverage the power of Mindjet.”
Though it’s not entirely unexpected that tech giants like Apple and Google stayed cozy in the top 5 (numbers 1 and 3, respectively), what did surface were some vital commonalities in process and practice across organizations, as well as an unanticipated number of traditional manufacturers appearing among the chosen. For 2013, BCG also asked companies to provide insight into their ability to innovate successfully, finding that only about 20 percent categorized their innovation practices as strong. Additionally, the new Up-and-Coming category found that most of the innovation happening in younger companies centered around evolving technologies, like social media and mobile.
A Repeatable Process
From their research, BCG was able to pinpoint these 5 factors that give innovation leaders the advantage:
- Senior-management commitment
- The ability to leverage intellectual property
- Customer focus
- Innovation portfolio management
- Well-defined and governed processes
The final bullet rings particularly true for us here at Mindjet, as we move forward to bring repeatable business innovation to organizations through the Vision to Action Lifecycle™, a process that’s designed for teams to come up with great ideas and then turn those ideas into completed projects again and again. With repeatable innovation management processes in place, companies don’t have to rely on happenstance for success.
What’s Old is New in Innovation
Although the concept of innovation is often closely tied to start-up culture and the rise of never-before-seen approaches and solutions, the fact remains that over half of the companies on this year’s list are at least 50 years old, and a handful actually have histories reaching back into the 19th century. And there’s a good reason for it.
“Companies that continually create value over the long term — meaning decades or more — learn how to ingrain the ability into their corporate makeup; it becomes part of their culture and DNA,” said Andrew Taylor, BCG partner and a coauthor of the report. “They create value, jobs, and growth because of their ability to institutionalize innovation.”
We couldn’t agree more — which is a good thing, considering that all of the top 20, and 49 out of the 50 most innovative companies on this year’s list leverage the power of Mindjet. Download the full report here, or take a look at our latest infographic, Business Innovation Done Right.