Analysis of Top Innovation Leaders in 25 Sectors
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The Innovation Leaders for 2016/17 - Those organisations across 25 sectors that are making the most of their innovation activities and driving growth. This is the latest results from a 15 year research programme that looks at the top 1500 companies across 25 sectors and profiles the leader in each one. As a core part of the research, Innovation Leaders tracks the link between innovation and share price growth. Year after year, the companies identified as being the most effective innovators outperform their peers and the market. Over the last 15 years average return of the Innovation Leaders portfolio has been 14.5% CAGR. In 2016, growth was 18.9% again significantly higher than the S&P500, NASDAQ and FTSE 100. This year’s Innovation Leaders Index includes a number of consistent performers from previous years such as Amazon, Apple, Inditex, LEGO and Reckitt Benckiser as well as more recent entrants including Accenture, Boston Scientific, Delta Air Lines and Nvidia. For more information see www.innovationleaders.org or contact research@innovationleaders.org or @innovationldrs on twitter
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Analysis of Top Innovation Leaders in 25 Sectors
- 1. WWW.INNOVATIONLEADERS.ORG 2016/17 Analysis Summary Insights from the Leaders February 2017
- 3. WWW.INNOVATIONLEADERS.ORG Contents § Summary § 3 Key Trends § 2016/17 InnovaDon Leaders § Background Context § The InnovaDon Leaders Analysis § Modeling InnovaDon Leaders Performance § More InformaDon
- 5. WWW.INNOVATIONLEADERS.ORG InnovaDon Leaders idenDfies the companies that achieve the most from their innovaDon acDviDes to deliver sustained growth § 16th year of research § Analysis across 25 sectors § Global view of >1500 firms § Profiles the leaders: § High impact results § Most effecDve innovators § Also outperforms the market § 14.5% CAGR since 2002
- 7. WWW.INNOVATIONLEADERS.ORG Across the leaders for 2016/17 we can see three notable trends US Dominance § 20 of the 25 leaders are US based organisaDons § This is the highest single country concentraDon since the research began § European presence, down 50%, should be raising some hard quesDons Partnerships at the Fore § CollaboraDon has been a key component for some sectors for some Dme § Today it is increasingly influenDal across the board § Delivering high impact change requires new alliances Big Bets § Radical approaches are core to several organisaDons’ growth strategies § Alphabet, Amazon, Apple, Tesla being joined by Bank of America, LEGO, Nvidia § More established companies making major future growth investment bets
- 9. WWW.INNOVATIONLEADERS.ORG WWW.INNOVATIONLEADERS.ORG Across the 25 sectors assessed, the current innova;on leaders are clear and show how best in class innova;on prac;ce is evolving
- 10. WWW.INNOVATIONLEADERS.ORG Accenture Linking digital and management consul;ng to drive client innova;on 2016 KEY DATA 35% Net Income Growth 6% Revenue Growth 289 US Patents
- 11. WWW.INNOVATIONLEADERS.ORG Adidas Partnership and brand-‐led innova;on across the whole product porPolio 2016 KEY DATA 48% Gross Margin 80% Sales -‐ New Products €150m R&D investment
- 12. WWW.INNOVATIONLEADERS.ORG Adobe Leading the digital evolu;on across graphics and desktop publishing 2016 KEY DATA 22% Revenue Growth $976m R&D Investment 356 US Patents
- 13. WWW.INNOVATIONLEADERS.ORG Alphabet Using significant, rising Google income to place many big, bold bets 2016 KEY DATA 20.3% Revenue Growth 19% Net Income Growth 3389 US Patents
- 14. WWW.INNOVATIONLEADERS.ORG Amazon Successful expansion from retail to cloud services extending into AI and autonomy 2016 KEY DATA 27.1% Revenue Growth 298% Net Income Growth 1696 US Patents
- 15. WWW.INNOVATIONLEADERS.ORG Apple World’s most valuable company is refilling its pipeline across a widening porPolio 2016 KEY DATA $10.0bn R&D Investment 2535 US Patents 215m iPhone sales
- 16. WWW.INNOVATIONLEADERS.ORG Bank of America Proac;ve posi;oning on fin-‐tech and block-‐chain inspiring sector disrup;on 2016 KEY DATA 13% Income Growth 289 US Patents $2.2tn. Assets
- 17. WWW.INNOVATIONLEADERS.ORG Boeing Matching commercial performance with advances in defence and space 2016 KEY DATA $4.6bn R&D Investment 1051 US Patents 5.2% Net Profit Margin
- 18. WWW.INNOVATIONLEADERS.ORG Boston Scien;fic Growing influence across medical devices via partnerships and niche market focus 2016 KEY DATA $920m R&D Investment 492 US Patents 12.2% Revenue Growth
- 19. WWW.INNOVATIONLEADERS.ORG Cisco Driving growing IoT based transforma;on across the connected economy 2016 KEY DATA $6.3bn R&D Investment 990 US Patents 20% Net Income Growth
- 20. WWW.INNOVATIONLEADERS.ORG Delta Air Lines Matching new seat innova;on with more process and experience partnerships 2016 KEY DATA $4.4bn Net Income 318 Des;na;ons 4,804 Flights per day
- 21. WWW.INNOVATIONLEADERS.ORG Dow Chemical Pervasive front-‐runner and driving force developing a more sustainable industry 2016 KEY DATA 545 US Patents $1.6bn. R&D Investment 103% Net Income Growth
- 22. WWW.INNOVATIONLEADERS.ORG FedEx World’s largest fleet adop;ng greener fuels and compe;ng on autonomy 2016 KEY DATA 6.1% Revenue Growth 73% Net Income Growth 12m Daily shipments
- 23. WWW.INNOVATIONLEADERS.ORG First Solar Pushing integrated system adop;on in a fast-‐growing but highly compe;;ve sector 2016 KEY DATA $131m R&D Investment 49 US Patents 38% Net Income Growth
- 24. WWW.INNOVATIONLEADERS.ORG Humana Advancing digital healthcare to increase engagement and reduce costs 2016 KEY DATA 12% Revenue Growth 11% Net Income Growth Growing Patent PorPolio
- 25. WWW.INNOVATIONLEADERS.ORG Inditex Sustained innova;on op;mising global mul;-‐brand, fast fashion 2016 KEY DATA 11% CAGR Revenue 9% EBIT Growth 250 Store Openings
- 26. WWW.INNOVATIONLEADERS.ORG KT Corpora;on Deep collabora;on driving adop;on of next genera;on technology plaPorms 2016 KEY DATA 184bn KRW R&D Spend 553bn KRW Net Income 108 US Patents
- 27. WWW.INNOVATIONLEADERS.ORG LEGO World’s most valuable brand exploring and delivering the future of play 2016 KEY DATA 25.2% Revenue Growth 31% Net Income Growth 109 Net Promoter Score
- 28. WWW.INNOVATIONLEADERS.ORG Lilly Strong pivot to cancer and Alzheimer’s bearing fruit alongside the tradi;onal core 2016 KEY DATA $5.2bn R&D Investment 44 US Patents 8.9% Revenue Growth from New Products
- 29. WWW.INNOVATIONLEADERS.ORG Marrioe Major hotel firm embracing innova;on as source of guest experience differen;a;on 2016 KEY DATA Opened 55,000 Rooms 5.0% Revenue Growth 14% Net Income Growth
- 30. WWW.INNOVATIONLEADERS.ORG Nvidia High-‐impact expansion from processors for gaming into automo;ve and AI 2016 KEY DATA 353 US Patents $1.3bn R&D Investment 7.0% Revenue Growth
- 31. WWW.INNOVATIONLEADERS.ORG PepsiCo Sustaining “performance with purpose” to improve resource use and product health 2016 KEY DATA 9% Growth New Products $654m R&D Investment 16.3% Fall in Net Income
- 32. WWW.INNOVATIONLEADERS.ORG Reckie Benckiser Non-‐stop incremental innovator growing globally as consumer health powerhouse 2016 KEY DATA 11.1% Revenue Growth 60.9% Gross Margin 5.1% Net Income Growth
- 33. WWW.INNOVATIONLEADERS.ORG Tesla The catalyst for change across the automo;ve industry and beyond 2016 KEY DATA $214m R&D Investment 81% Revenue Growth 373,000 Preorders for Model 3
- 34. WWW.INNOVATIONLEADERS.ORG Xerox Industry pioneer, regaining leadership through focus on analy;cs / automa;on 2016 KEY DATA $476m R&D Investment 1227 US patents 27.4% Fall in Net Income
- 36. WWW.INNOVATIONLEADERS.ORG Back in 1999, exploring growth strategies in pharma, we wanted to know who were the most effecDve innovators? 1. “If we are going to gain more more from organic growth then which companies that are delivering sustained growth are the most effecDve innovators to learn from?” 2. “How best should we measure innovaDon performance?” Company InnovaDon CapabiliDes InnovaDon Input InnovaDon Output e.g. $ R&D Spend e.g. # Patents
- 37. WWW.INNOVATIONLEADERS.ORG But if we wanted to know who is the most effecDve innovator then we had to understand key raDos of output to input Company InnovaDon CapabiliDes InnovaDon Input InnovaDon Output InnovaDon Input InnovaDon Output
- 38. WWW.INNOVATIONLEADERS.ORG The InnovaDon Leaders Analysis
- 39. WWW.INNOVATIONLEADERS.ORG For the past 15 years we have been idenDfying and profiling the worlds most innovaDve companies across 25 sectors This published analysis has consistently idenDfied organisaDons that subsequently deliver higher organic growth
- 40. WWW.INNOVATIONLEADERS.ORG Most now recognize that innovaDon can both take many different forms and result in a wide range of varied impacts Product Innovation Technological Innovation Service Innovation Process Innovation Business Model Innovation Many are looking for a correlation between effective innovation capability and sustained corporate growth Increased Sales Higher Margins Enhanced Brand Value Attractive Culture for Talent New Ways of Working Tangible Intangible Tradi.onal Emerging Types of Innova:on Example Innova:on Impacts
- 41. WWW.INNOVATIONLEADERS.ORG Our model analyses the 1500 largest companies in these sectors and systemaDcally selects the top innovators 25 InnovaDon Leaders Single company for each sector 75 Companies 25 Sectors 1500 Companies Largest companies across 25 sectors 25 most innovaDon-‐ focused sectors Top 3 companies per sector QuanDtaDve Analysis Throughout Process
- 42. WWW.INNOVATIONLEADERS.ORG The annual InnovaDon Leaders results since 2002 have been published in books and via the innovaDon leaders website Sector 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Aerospace Rolls Royce Rolls Royce Rolls Royce Rolls Royce Boeing Rolls Royce Rolls Royce Honeywell Rolls Royce EADS Honeywell Airlines Lufthansa Air New Zealand Air New Zealand Virgin Atlantic Virgin Atlantic Virgin Atlantic Virgin Atlantic Virgin Atlantic Singapore Airlines Singapore Airlines Singapore Airlines Automotive BMW BMW Renault Tata Motors BMW Toyota Toyota Toyota Honda Honda Honda Chemicals BASF BASF BASF BASF BASF Dow DSM DSM BASF Dow Dow Consumer Electronics Apple Apple Apple Apple Samsung Electronics Samsung Electronics Samsung Electronics Samsung Electronics Samsung Electronics Samsung Electronics Sony Energy Chevron Shell Chevron Statoil Shell Shell BP BP BP BP BP Fashion Retail Inditex Inditex Inditex Inditex HandM H&M H&M H&M H&M H&M Inditex Food and Drink Nestle Nestle Nestle Nestle PepsiCo Nestle PepsiCo PepsiCo Danone Nestle Nestle General Retail Amazon Amazon Amazon Amazon WalMart Tesco IKEA Tesco Tesco Tesco Tesco Hotels and Leisure Starwood Starwood Starwood Starwood Starwood Starwood Starwood Starwood Starwood Starwood Starwood Household Goods Reckitt Benckiser Reckitt Benckiser Reckitt Benckiser Reckitt Benckiser Reckitt Benckiser Reckitt Benckiser Reckitt Benckiser Reckitt Benckiser P&G Kimberley Clark P&G Insurance Humana AON Humana Humana Aviva Allianz Allianz Allianz AEGON Prudential Prudential IT Hardware ARM ARM ARM ARM Apple Apple Apple Logitech Apple AMD AMD IT Services IBM Infosys IBM IBM Infosys IBM Wipro Infosys IBM Infosys IBM Logistics UPS UPS UPS UPS UPS UPS UPS UPS Federal Express Federal Express Federal Express Media and Entertainment Google Disney Disney Disney Google Google Google Time Warner Disney Disney Disney Medical Devices Medtronic Stryker Stryker St Jude Medical Medtronic Medtronic Medtronic Medtronic Medtronic Medtronic Becton Dickenson Office Products Canon Canon Canon Canon Canon Hewlett Packard Canon Canon Hewlett Packard Canon Canon Pharmaceuticals Roche Novo Nordisk Novo Nordisk Novo Nordisk Lilly Novartis Novartis Novo Nordisk Novo Nordisk Novo Nordisk Merck Retail Banking ICICI Bank Santander Santander Santander Handelsbanken Handelsbanken Santander RBS HSBC Bank of America Bank of America Software Microsoft Google Google Google Microsoft Microsoft Microsoft Microsoft Adobe Adobe Adobe Sports Goods Nike Nike Nike Nike Adidas Adidas Adidas Adidas Nike Nike Nike Telecom Equipment Qualcomm Juniper Qualcomm Qualcomm Nokia Nokia Nokia Nokia Qualcomm Qualcomm Qualcomm Telecom Operators Bharti Airtel Bharti Airtel Bharti Airtel Bharti Airtel Telefonica NTT DoCoMo Vodafone NTT DoCoMo NTT DoCoMo NTT DoCoMo Vodafone Toys and Games LEGO LEGO LEGO LEGO LEGO Nintendo Nintendo Nintendo Nintendo Nintendo Nintendo
- 43. WWW.INNOVATIONLEADERS.ORG The annual InnovaDon Leaders results since 2002 have been published in books and via the innovaDon leaders website Sector 2016 2015 2014 2013 Aerospace Boeing Boeing Raytheon Rolls Royce Airlines Delta Air Lines Delta Air Lines Delta Air Lines Delta Air Lines AutomoDve Tesla Tesla Tesla Toyota Chemicals Dow Chemical Dow Chemical Dow Chemical BASF Consumer Electronics Apple Apple Apple Apple Energy First Solar First Solar Chevron Chevron Fashion Retail Inditex Inditex Inditex Inditex Food and Drink PepsiCo PepsiCo PepsiCo Nestle General Retail Amazon Amazon Amazon Amazon Hotels and Leisure Marriok Starwood Starwood Starwood Household Goods Reckik Benckiser Reckik Benckiser Colgate Palmolive Reckik Benckiser Insurance Humana Humana Humana Humana IT Hardware Nvidia Nvidia ARM ARM IT Services Accenture Accenture IBM IBM LogisDcs FedEx UPS FedEx UPS Media and Entertainment Alphabet Alphabet Alphabet Google Medical Devices Boston ScienDfic Boston ScienDfic Smith & Nephew St Jude Office Products Xerox Xerox Xerox Xerox PharmaceuDcals Lilly Novo Nordisk Novo Nordisk Merck Retail Banking Bank of America Bank of America Bank of America ICICI Bank Sooware Adobe Adobe SAP Adobe Sports Goods Adidas Adidas Nike Nike Telecom Equipment Cisco Broadcom Broadcom Qualcomm Telecom Operators KT CorporaDon Verizon Verizon SK Telecom Toys and Games LEGO LEGO LEGO LEGO
- 44. WWW.INNOVATIONLEADERS.ORG Modeling InnovaDon Leaders Performance
- 45. WWW.INNOVATIONLEADERS.ORG We have modeled how an InnovaDon Leaders porrolio would have performed as an investment fund since 2002 Models have been created that show the performance of a fund based on: § InvesDng in the most innovaDve company per sector each year § Making the investment on March 31 of each year § Holding these stocks for 2 years before rebalancing the porrolio § ReinvesDng all capital and profits at then end of each 2 year hold period Key assumpDons made in the modeling include: § IniDally equal value investments in all companies § Independent of current price and short-‐term market fluctuaDons For the analysis stock selection we used only the published results of the innovation leaders analysis
- 46. WWW.INNOVATIONLEADERS.ORG A 2012 back-‐test of the InnovaDon Leaders against S&P500 showed clear outperformance over the previous 10 years Compound Annual Growth Rate: 14%, Std Dev: 20%, Alpha: 12, Beta: 0.74
- 47. WWW.INNOVATIONLEADERS.ORG Throughout the years a porrolio of the InnovaDon Leaders companies has consistently out-‐performed the major indices Year ILF MSCI ACWI S&P500 NASDAQ FTSE100 2002/3 (15%) (20%) (22%) (28%) (25%) 2003/4 37% 34% 29% 50% 14% 2004/5 31% 15% 11% 9% 8% 2005/6 15% 10% 5% 1% 17% 2006/7 26% 21% 16% 10% 11% 2007/8 25% 10% 5% 10% 4% 2008/9 (40%) (40%) (37%) (41%) (31%) 2009/10 54% 31% 26% 44% 22% 2010/11 31% 12% 15% 17% 9% 2011/12 1% (5%) 2% (2%) (6%) 2012/13 21% 6% 9% 13% 0% 2013/14 22% 15% 19% 29% 3% 2014/15 18% 3% 10% 3% 3% 2015/16 15% (8%) (1%) 3% (8%)
- 49. WWW.INNOVATIONLEADERS.ORG For more informaDon please see the InnovaDon Leaders website To discuss please contact research@innovaDonleaders.org
- 50. WWW.INNOVATIONLEADERS.ORG 2016/17 Analysis Summary Insights from the Leaders February 2017