5 things I have learned by reading “Reaching New Heights in Uncertain Times Most Innovative Companies 2023” by BCG

5 things I have learned by reading “Reaching New Heights in Uncertain Times Most Innovative Companies 2023” by BCG

Time Stamp: May 28, 2023 11:27 AM
Source Node: 2111641

Long weekend in the UK. So I indulged in the latest BCG report on the most innovative companies of 2023. These are the 5 things I have learned.  

  1. The leaders of the companies leading innovation are consistently delivering new products, entering new markets, and establishing new revenue streams. In other words, they are keen to focus on their business models and are happy to explore adjacent ones.
  2. The need for doing this links to exhibiting superior performance (from a shareholder perspective, one could argue), being more resilient to shocks and disruptions, and underpinning faster value-creating growth.
  3. Pivotal for them to succeed in their efforts it is fostering an innovation culture within their organizations, more than just having new technology at their disposal. 
  4. Interestingly, one company out of two has increased spending this year, a jump of 16 percentage points over the last economic downturn in 2009. Indeed, that was a wakening call.
  5. “But there is also an emerging group of companies that is going much further and putting innovation front and centre in their future growth strategies.” Indeed, two out of three ready companies rank innovation as their top priority. These companies are much more aggressive in their use of M&A, for example, targeting innovative technologies or processes or acquiring leaders and employees with a demonstrated ability to innovate. They are also more likely to involve innovation experts in target analysis and selection.”

All in all, in turbulent times, innovation has become a top priority not only to keep one’s competitive advantage but also to lead the pack. In other words, it sounds like if the external environment cannot provide the right conditions to deliver, we are going to do our best to survive and thrive. 

Find out more here.

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