Summary of The Most Innovative Companies 2015

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The Most Innovative Companies 2015 summary
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Rating

7

Qualities

  • Applicable

Recommendation

Innovation is increasingly important. In The Boston Consulting Group’s (BCG) study of the top 50 most innovative firms worldwide, roughly four out of five of 1,500 senior executives surveyed ranked innovation as either top priority or among the top-three priorities at their companies. Never since BCG started publishing this study in 2005 has the percentage been higher. Michael Ringel, Andrew Taylor and Hadi Zablit, all BCG employees, list and explain four factors that executives link to innovation success. getAbstract recommends their insights to anyone in charge of this critical, but elusive corporate skill. 

 

About the Authors

Michael Ringel, Andrew Taylor and Hadi Zablit are executives at The Boston Consulting Group.

 

Summary

Many executives highlight four aspects of the innovation process as crucial, and the most innovative companies of the past decade have emphasized the same parameters. They are:

  1. An “emphasis on speed” – The processes of developing new products and taking these products to market have to be fast. Foster speed by releasing prototypes early to seek customer feedback. That way, you can consider user input in the next phase of development, and unpopular products will “fail fast and fail cheap.” You need a team of people who can concentrate on innovation. Linking their incentives to overall company goals...

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