Business innovation reward programs worldwide

Renaissance was the period when world sow some of the greatest innovations. Inventions in the form of ergonomic devices have always been a constant phenomenon for mankind. Time has witnessed several such creations and business innovation in today’s world has altogether offered a new definition to invention. Business innovation now doest not restrict within innovation of devices solely. It can be of several types like innovation in strategies, innovation in business models or innovation in technology. The world today watches millions of companies vying to scoop greater profit. In that sense, tapping new customer needs by creating a fresh new market can also be considered business innovation.

To reward excellent business innovations, Business Week felicitated almost 25 companies and the reword program that was held few years back was conducted in collaboration with The Boston Consulting Group. The award program was supposed to be a great boosting from the selected companies and it can be regarded as the cause of success for those companies.

Let me put together some of the well know names that were ranked according to their innovative skills.

A well known name and perhaps the oxygen in the world of internet, Google was ranks second for its excellent mapping technology. It is surely an appreciable development in the world of web especially the plethora of mash-ups. Invention of Google is a not just a mean to minimize the time of every individual it opened up a new avenue of marketing and competition among companies worldwide.

At number 4, Japanese automobile giant Toyota Motors Corporation boasted with some of its brilliant innovations in the industry. The automaker was appreciated for its manufacturing processes. The company, since its inception has worked closely with its suppliers to provide innovative end products. The company is said to have researched ways of designing automobiles to make the entire vehicle system cost less. This way they have penetrated the market efficiently by offering affordable and quality vehicles.

The famous company Procter and Gamble was ranked 7th in the reward program. The company was felicitated for its business innovation in the form of modernizing their innovation strategies. The company previously relied on research and development conducted in-house. With time they have made their in-house researches cross the barriers and made it an open-source strategy which they have termed as “connect and develop”. This has made the company flourish by tapping new scientists, inventors, network etc. into their system.

Other popular companies ranked in the list of 25 are GE electric, Nokia Corporation, BMW Group etc. Although the reward program was held long back but all the names that appear in the list are today industry leaders. It can be expected that discovering the innovative strategies of these firms in past made them sure winners in future.