US-based Boston Consulting Group (BCG) has released its list of the World’s 50 Most Innovative Companies in 2016. The consulting firm is the world’s leading advisor on business strategy and has been releasing such studies for 11 years now.
BCG surveyed more than 1,500 senior innovation executives across multiple countries and industries each year since 2004. The study shows that Apple retained its top position for the 11th straight year, followed by Google this year.
“Today’s most successful innovators strike a strategic balance between internal and external innovation. They are smart and efficient at scanning for external ideas - and deft at bringing them inside,” the report reads. This would mean that Apple, Google, Tesla Motors and Microsoft have managed to find that strategic balance and make innovation a key component in their business strategies.
Apple spent big on R&D last year
It’s no wonder that Apple managed to top the list again, considering that the company spent about $10 billion on research and development last year. The company may focus even more on innovation this year, since the upcoming iPhone 8 is said to bring some novelty features, and some estimate that it will become the best-selling iPhone in history.
World's 50 Most Innovative Companies in 2016
Samsung Group only managed to rank 7th in the index, but spent more than Apple on R&D, about $13 billion. This study took other factors into consideration, not just the amount of money spent on research and development sectors.
One of the companies that recorded the biggest jumps in this year’s survey is Facebook, which climbed 19 positions to the 9th spot. Out of all 50 companies included in the index, 34 are from the US, ten from Europe, while 6 are from Asia. Xiaomi and Huawei are the two companies from Asia that stood out, ranking 35th and 46th, respectively.
Xiaomi did release a number of exciting gadgets last year, including the Mi Mix phone with bezel-less display. Huawei recorded a good year in 2016 with many launches of premium smartphones that incorporated innovative features.