- Apple maintains its No.1 ranking for the second consecutive year as the most innovative company.
- Pfizer, which came 10th, is one of four COVID-19 vaccine producers to appear on the list this year
- Toyota & Coca-Cola improved their ranking by moving 20 spots up from the previous year.
The year 2020 has been full of challenges for many corporates around the globe. While sustaining during the crucial period of the lockdown was a priority for many firms, innovation remained important as ever.
Boston Consulting Group, a pioneer in business management strategy, has issued a list of the top 50 innovative companies in the world in 2021.
BCG surveyed using a poll of 1,600 global innovation professionals on the basis of four parameters to come up with the ranking.
The ranking was done on the basis of these four variables; Global Mindshare: The number of votes from all innovation executives; Industry Peer Review: The number of votes from executives in a company’s industry; Industry Disruption: A diversity index to measure votes across industries; Value Creation: Total share return.
Here are the names of the 50 most innovative companies in the world in 2021 as per BCG.
Apple, Alphabet, Amazon & Microsoft maintained their ranking from the previous year while Tesla made the top 5 list by jumping 6 spots in 2021.
Pfizer gained a lot of mention as it was one of the first companies to launch a vaccine for the COVID19. Its contribution has been significant and the company was mentioned along with other 3 COVID-19 vaccine producers like Moderna, Johnson & Johnson, and AstraZeneca.
Toyota’s recent investment of $400 million in a company that is set to make ‘flying cars’ has helped it to jump the innovative spot by 20 points from the previous year.
According to BCG’s analysis, only 20% of companies surveyed were ready to scale on innovation.
BCG’s innovation-to-impact (i2i) framework helps companies measure the readiness of their innovation programs to operate at a consistently high level of efficiency and effectiveness. The framework allows companies to assess their relative strength on ten essential factors related to their processes and capabilities, says the report.