Earlier this year, Bloomberg BusinessWeek published its list of 50 most innovative companies (in partnership with Boston Consulting Group) and for the first time, the majority of companies were headquartered outside the US. 88% of executives in China said they were raising their innovation budgets this year, followed by 82% in South America and 73% in India. The rate fell to 48% in the U.S., ahead of only Japan, where just 34% of executives said their companies planned to increase innovation spending. All of which suggests the U.S. may not be dominating the innovation list again soon.
While many are questioning the pace of innovation, Apple (#1) and Google (#2) provide inspiration to many creative entrepreneurs who seek innovation. To help spur thinking, we’ve recently covered how to inspire innovation in your company and some of the most innovative work environments. See below for current trends in innovation.
Innovation in Social Cause Business Models. NBA legend Magic Johnson recently spoke at Wharton’s first Social Impact Forum saying, “Legacies are not built on how much money is made, because after all there are a plethora of millionaires in the world. Instead, they are built on how many people can be touched with the amount of money made. Individuals are able to set themselves apart by helping communities get on their feet.” Today, it has become fashionable to do good and many entrepreneurs are building businesses with generosity at their core focusing on urban renewal, children’s initiatives, and even the basics such as food and water.
Consumer Trend in Customization. The customization trend has been ongoing from Build-a-Bear Workshop to the Nike ID project to Pandora (listening to Modest Mouse on Pandora as I write this blog post) to more recent projects with Heineken, Converse, and coffee based on your fingerprints. You can set your product apart by enabling consumers to customize to their liking. Among the innovations we share is Red Moon’s fully customizable dry pet food based on a variety of meats, produce and supplements. Dog owners choose a base formula, indicated their dog’s activity level, select the kibble size, and in supplements.
Green Living. From wearing a potted plant pedant around your neck to eco-sexual dating to traveling to an eco-certified resort in Bali, there are many fun ways to embrace a green life and share it with pride.
Healthy Eating. With US leading the race for most obese nation, a trend towards healthy eating is emerging. From a new diet scale that recommends meals, to an ice cream shop that crowdsources organic fruits, there are new ways to enjoy a healthy lifestyle.
Upscaling Affordable Food. Beyond the trends towards healthy sustainable eating, the 2 trends rise to the top in the era of consumer saving and the vigilante consumer are: Upscaling the Downscale and Keeping It Real. Stimulate your thinking and your taste buds as you read about salmon infused vodka, raising chickens in urban backyards, and upscale burger joints.
Image by Andrzej Gdula from Stock.Xchng
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Comments
Hi there!
You have a very interesting list,
If I think about it, (in a top10), The first trend would be the Green Living and second would be the Innovation in Social Causes, after all, most people and companies want to be socially “greens” and/or socially “helpful”
Alpi
Innovation Strategies and Leadership
http://www.alpi.co/