Bangalore: There was a time when most of the top innovative companies were Americans, but that U.S. dominance no longer exists today. According to a survey done by James Andrew, Senior Partner and Head of the global innovation practice at Boston Consulting Group, more than half of the companies in this year's most innovative companies list came from Asia and Europe.
As per the report published in Bloomberg BusinessWeek, 80 percent of the respondents were of the opinion that to benefit from the economic recovery, innovation will be a key part of their strategy. While 72 percent of the companies consider innovation as a "top three" strategic priority, 61 percent of them are planning to increase their investment on innovation.
In this year's list of top 50 innovative companies, 15 Asian companies found their place, out of which, four were there in the top 10 companies. These four Asian companies are - Toyota Motor (5th), LG Electronics (7th), BYD (8th) and SONY (10th). On the other hand, 11 European companies made into the top 50 list including Volkswagen, BMW, Nokia, Virgin Group, Siemens, Nestle, British Sky Broadcasting, Vodafone, Banco Santander, Fiat and HSBC.
The survey showed that in the year 2007 Tata Group (17th) established the Tata Group Innovation Forum, a panel of the company's senior executives and selected CEOs of its independently run businesses. The purpose behind setting up the panel was to inspire its employees to be more innovative.
A similar move came from Honda Motor (26th), when it promoted its former head of research and development to the CEO spot last year. Samsung Electronics also took a vital step toward innovation by restating innovation's priority in Vision 2020
contributed by SILICON INDIA
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