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Ranked: The Most Innovative Companies in 2023

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The Most Innovative Companies in 2023

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The Most Innovative Companies in 2023

Every year, Boston Consulting Group (BCG) releases their Most Innovative Companies ranking. Based on a survey of over 1,000 innovation executives polled in Dec. 2022 and Jan. 2023, BCG assessed a company’s performance on four dimensions:

  • Global mindshare: the number of votes received from all global innovation executives
  • Industry peer view: the number of votes received from executives in a company’s own industry
  • Industry disruption: the Diversity Index (Herfindahl-Hirschman) of votes across industries
  • Value creation: total shareholder return, including share buybacks, over the 3-year period from Jan. 2020 through Dec. 2022.

We’ve provided a more visual representation of these results in the graphic above.

Data and Highlights

The 2023 ranking can be found in the table below.

For the fourth straight year, Apple is considered the most innovative company in the world. In fact, Apple has held this title every year since 2005 with the exception of 2019.

RankCompanyIndustryChange in Rank
(+ or -)
1🇺🇸 AppleTechnology-
2🇺🇸 TeslaTransportation & energy+3
3🇺🇸 AmazonTechnology-
4🇺🇸 AlphabetTechnology-
5🇺🇸 MicrosoftTechnology-3
6🇺🇸 ModernaHealthcare+1
7🇰🇷 SamsungTechnology-1
8🇨🇳 HuaweiTechnology-
9🇨🇳 BYD CompanyTransportation & energyReturned
10🇩🇪 SiemensTechnology+10
11🇺🇸 PfizerHealthcare+7
12🇺🇸 Johnson & JohnsonHealthcare+15
13🇺🇸 SpaceXTransportation & energyReturned
14🇺🇸 NvidiaTechnology+1
15🇺🇸 ExxonMobilTransportation & energyReturned
16🇺🇸 MetaTechnology-5
17🇺🇸 NikeConsumer goods & services-5
18🇺🇸 IBMTechnology-8
19🇺🇸 3MConsumer goods & services+18
20🇮🇳 Tata GroupTransportation & energyReturned
21🇨🇭 RocheHealthcareReturned
22🇺🇸 OracleTechnology-3
23🇩🇪 BioNTechHealthcareNew
24🇬🇧 ShellTransportation & energyReturned
25🇫🇷 Schneider ElectricTransportation & energyNew
26🇺🇸 P&GConsumer goods & services+8
27🇨🇭 NestléConsumer goods & services+22
28🇺🇸 General ElectricTransportation & energy+1
29🇨🇳 XiaomiTechnology+2
30🇺🇸 HoneywellTransportation & energyNew
31🇯🇵 SonyTechnology-22
32🇨🇳 SinopecTransportation & energyNew
33🇯🇵 HitachiTransportation & energy+6
34🇺🇸 McDonald'sConsumer goods & servicesReturned
35🇺🇸 MerckHealthcareReturned
36🇨🇳 ByteDanceTechnology-
37🇩🇪 BoschTransportation & energy-11
38🇺🇸 DellTechnology-24
39🇨🇭 GlencoreTransportation & energyNew
40🇺🇸 StripeTechnologyNew
41🇸🇦 Saudi AramcoTransportation & energyNew
42🇺🇸 Coca-ColaConsumer goods & services-6
43🇩🇪 Mercedes-Benz GroupTransportation & energyReturned
44🇨🇳 AlibabaTechnology-22
45🇺🇸 WalmartConsumer goods & services-32
46🇨🇳 PetroChinaTransportation & energyNew
47🇯🇵 NTTTelecommunicationsNew
48🇨🇳 LenovoTechnology-24
49🇩🇪 BMWTransportation & energyReturned
50🇬🇧 UnileverConsumer goods & services-

BCG added additional context on several companies in its report, including Germany’s Bosch (37th). According to BCG, the engineering and technology company has a global R&D organization of 84,800 employees across 130 locations. Bosch has also maintained R&D spending (as a share of sales) at between 7.6% and 8.2% from 2018 through 2021.

Another highlight was Samsung (7th), which spent over $17 billion (9% of annual sales) on R&D in 2021, making the South Korean conglomerate one of the world’s largest spenders on innovation. Samsung was also granted 6,300 U.S. patents in 2022, the most out of any company.

As this ranking shows, innovative companies aren’t just tech companies. McDonald’s (34th) is considered by BCG as the “restaurant industry frontrunner in technology innovation and investment”.

For example, McDonald’s recently acquired Apprente, a startup that develops voice-based technologies, and Dynamic Yield, a firm specializing in creating customizable online experiences. McDonald’s aims to leverage these technologies to improve ordering times and offer customers better choices.

Companies by Nationality

Now let’s examine the ranking through a different lens—nationality. The following chart compares the country breakdowns of the 2013 and 2023 rankings.

BCG Most Innovative Companies by Nationality

The U.S. and China are the only two countries that have increased their share from 2013, pushing out firms from European countries like Germany, the UK, and Italy. We can also see significant declines in Japanese and South Korean representation.

Given China’s economic growth, it’s likely that Chinese firms will continue to represent more of BCG’s ranking in the future. So far, the country’s strongest innovator is Huawei (8th), which has made the top 50 list every year since 2014, when it debuted at 50th place.

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What Would $5,000 Invested in Nvidia Be Worth Today?

Small fortunes have been made for those investing in Nvidia stock. But how much would have they earned if they bought before it skyrocketed?

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What Would $5,000 Invested in Nvidia Be Worth Today?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Investing in Nvidia has been highly lucrative, especially for investors who got in early.

As America’s largest chipmaker, its stock price has soared given its critical role in powering AI. Last year alone, its share price jumped 272%, vaulting it into becoming one of the world’s most valuable companies.

This graphic shows how much a $5,000 investment in Nvidia would have grown over time, based on data from Yahoo Finance.

Investing in Nvidia Before the AI Boom

Below, we show how much an investment in Nvidia would have increased in value over the last several decades:

Year Invested (January 1st)Stock PriceStarting ValueValue Today (as of Feb 15, 2024)
2000$0.77$5,000$4,718,052
2010$3.85$5,000$943,610
2015$4.80$5,000$756,854
2020$59.11$5,000$61,460
2023$195.37$5,000$18,595

For those who bought in 2000, a $5,000 investment would be worth over $4.7 million today, with Nvidia’s stock price rising 94,261% over the time period.

At the time, Nvidia had just invented its graphics processing unit (GPU), which allowed computer graphics to render more seamlessly in video games and video editing. These high-performance units complete complex computing tasks, and Nvidia was creating leading technology at the time.

Over the last decade, Nvidia has increasingly focused on AI technology, with key developments launching as early as 2012. Yet it was not until 2020 when its share price really began to soar as the company’s end customer segments increasingly became data centers and cloud computing, alongside video games.

In fact, since 2020 alone, its share price has soared 1,129%—making a $5,000 investment worth twelve times as much today.

So far this year, its stock price shows no sign of stopping, driven by its outsized role in the AI chipmaking market. Roughly 70% of all chips are sold by Nvidia, outpacing key competitor AMD by a landslide.

The company’s Q4 revenues topped $22 billion, setting another historical record, amounting to a 265% year-over-year increase in revenues. In 2023, Nvidia sold 2.5 million chips with customers including OpenAI, Microsoft, Meta Platforms, and Alphabet. The price range for these chips can span anywhere from $16,000 to $100,000.

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