Apple has jumped two places by overtaking Alphabet and Amazon to become the most innovative company of this year.
The rankings were made by Boston Consulting Group (BCG) that has surveyed 2,500 global innovation executives (63% C level, 37% senior vice-president or vice-president level) who were polled from August 2019 through October 2019.
Huawei made a massive leap and jumped 42 places to rank sixth, behind Microsoft and Samsung.
The world’s most innovative companies have been getting bigger. The revenue of a typical “small” company on BCG’s 2020 list of the 50 most innovative companies is $3b—up more than 170% from $11b (in constant dollars) in its first survey in 2005.
Of the 162 companies that have been on the top 50 list over the past 14 years, nearly 30% appeared just once—and 57% appeared three times or fewer. Only 8 companies have made the list every year: Alphabet, Amazon, Apple, HP, IBM, Microsoft, Samsung, and Toyota, while only 12% ranked in the top 50 ten or more times.
The 20 companies that made the list more than ten times come from a diverse set of industries—tech of course but also retail, automotive, industrial goods, and consumer products.
Moreover, BCG research has shown that companies doubling down on innovation during downturns—using the opportunity to invest and position for the recovery—outperform over the long term but doing that successfully requires developing a clear innovation strategy and supporting it with appropriate investment, leveraging the advantages of scale, and ensuring that your innovation system is nimble enough to spot and seize the best opportunities quickly and decisively.