Being innovative is a buzzword in the business world that never goes out of style. Indeed, innovation is critical in every industry, as we cannot solve all problems with old solutions. However, not many business leaders thoroughly understand the innovation process. According to the PwC Innovation Benchmark report published in 2017, 54% of innovating organisations have trouble bridging the gap between innovation and the larger business strategy. Adding to it, a Meckensey study found that 84% of executives consider innovation important to their growth strategy.
So, what is precisely innovation? Many use innovation and creativity as interchangeable terms. Though they look similar, they are not the same. Creativity is the key to fostering unique ideas in the business. However, not all creative ideas lead to innovation as they may not help us make workable solutions all the time. On the other hand, innovation can be defined as a product, service, business model, or strategy that is both pragmatic and viable.
Innovative companies are led by leaders who understand that the ability to innovate is the “secret sauce” of business success. They are not necessarily the right-brained creative geniuses. Instead, they use both sides of the brain to create new ideas and innovate their businesses. In this issue, we have come up with a special issue featuring “10 Most Innovative Companies – 2022.” Under the guidance of intelligent and innovative entrepreneurs, these companies have been utilising sustainable and disruptive innovation techniques to stay competitive. On the cover, we feature Confinity Solutions, a German fintech startup with an offshore development centre in India. Founded by Stefan Ott, the company has an established customer base worldwide.