Did you know that over 80% of executives rank innovation among their top three priorities, yet only 10% are satisfied with their organization’s innovation performance[1]? This striking gap underscores the critical need for robust patent benchmarking data to inform better decision-making and drive innovation success.
Our latest report, “Innovators to Watch 2024,” shines a spotlight on the organizations on the cusp of breaking into the Clarivate™ Top 100 Global Innovators™ rankings. These companies are not just keeping up with the times but are on an innovation trajectory that could define the future of global innovation. Understanding who these organizations are and how they’ve improved between 2018 and 2024 provides a valuable benchmark for businesses looking to enhance their innovation strategies.
The ‘return on innovation’ equation
Innovation is a crucial driver of economic growth and business success. Research from Stanford Graduate School of Business demonstrated that high-quality innovation, measured by patent activity, can significantly contribute to economic productivity. Moreover, successful organizations often attribute their growth to their ability to innovate and adapt. For instance, companies like Baidu and Juniper Networks, featured in our report, have demonstrated remarkable advancements in their respective fields, underscoring the link between innovation and business success — the all-important ‘return on innovation’.
Spotlight on innovators to watch
This year, we identified 36 organizations that have shown remarkable improvements in their innovation rankings. These companies span various industries and regions.
- Juniper Networks: A United States-based telecommunications company climbed 825 places in the innovation rankings since 2023.
- Subaru: Known for its automotive innovations, Subaru improved its ranking by 818 places.
- Novatek Microelectronics: This Taiwanese semiconductor company scaled 608 places since 2023.
- Disco: A Japanese industrial systems company and a 2023 Innovator to Watch graduated to Top 100 Global Innovator status in 2024.
“The organizations featured in this report are the trailblazers of tomorrow. Their rapid advancements and innovative approaches are setting new benchmarks in their respective fields.”
Industry and geographic trends
Our analysis reveals some fascinating trends. Japan continues to be a powerhouse of innovation, contributing over a third of the organizations on our list. The United States and Taiwan are also well-represented, with companies like Pegatron and Techtronic Industries making notable strides.
We see a diverse mix of industry segments. The electronics and computing equipment sector is particularly strong, with companies like Cirrus Logic and Goodix Technology leading the charge. The automotive industry is also well-represented, with Mazda and Subaru making significant strides in innovation.
Read the report
The trajectories of these organizations and others on the full list illustrate a strategic approach to innovation that rewards effort with success. Other companies can learn valuable lessons to enhance their innovation cycles by understanding the data that informs these trajectories.
Download the report for the full list of organizations on the cusp of joining the ranks of Global Top 100 Innovators and for a breakdown of the data that informed the analysis.
References:
[1]‘What is Innovation?’ McKinsey & Company, August 17, 2022
