The seventh annual iteration of the Boston Consulting Group and Businessweek’s Global Innovation Survey presents us with some interesting trends in innovation. As BCG so eloquently puts it, a new world order is taking hold. While no drastic disruptions have occurred this year, there are signs that the times are changing. The most noteworthy finding this year is that Rapidly Developing Economies (RDEs), led by China, India, and Brazil, are slowly gaining ground on the western world’s dominance in innovation. These countries have recognized innovation as the next arena to prove their capabilities and they are investing heavily in this effort. The RDE’s currently have an indispensable combination of fast GDP growth, prioritization of innovation, strong government support, and investment in talent-all of which help drive the group’s growing innovation success.
While the top ranked innovative global companies are mainly unchallenged, there are some hints of long term change. BYD, a Chinese manufacturer of automobiles and rechargeable batteries makes its debut on the list at number eight. The following companies round out the top twelve (check out our case studies on some of these key companies to learn from their innovation prowess):
- Apple (number one for the fifth year in a row!)
- LG Electronics
- BYD Company
- General Electric