Innovation in its modern meaning is "a new idea, creative thoughts, new imaginations in form of device or method". Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society.

An innovation is something original and more effective and, as a consequence, new, that "breaks into" the market or society. Innovation is related to, but not the same as, invention, as innovation is more apt to involve the practical implementation of an invention (ie new / improved ability) to make a meaningful impact in the market or society, and not all innovations require an invention.

In the organizational context, innovation may be linked to positive changes in efficiency, productivity, quality, competitiveness, and market share. However, recent research findings highlight the complementary role of organizational culture in enabling organizations to translate innovative activity into tangible performance improvements. Organizations can also improve profits and performance by providing work groups opportunities and resources to innovate, in addition to employee's core job tasks.
Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth. –Drucker

According to Forbes List 2019, here are The Top 10 World’s Most Innovative Companies:

#1 ServiceNow: $42.9B
Top 10 World’s Most Innovative Companies

ServiceNow, Inc. is an American cloud computing company with its headquarters in Santa Clara, California. It was founded in 2004 by Fred Luddy. ServiceNow is listed on the New York Stock Exchange and is a constituent of the Russell 1000 Index.

ServiceNow, Inc. provides cloud based services to automate enterprise information technology operations. The company focuses on transforming enterprise IT by automating and standardizing business processes and consolidating IT across the global enterprise. Its services include the following applications, including management applications, such as project management, IT Cost Management and IT governance services; operational applications, including incident management, problem management, change management, release management, service catalog and request management and software development lifecycle management; and infrastructure applications, including configuration management, discovery, asset management and orchestration. The company was founded by Frederic B. Luddy in June 2004 and is headquartered in San Diego, CA.

#2 Workday: $41.7B

Workday, Inc. is an on‑demand financial management and human capital management software vendor. It was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, and former PeopleSoft chief strategist Aneel Bhusri following Oracle's hostile takeover of PeopleSoft in 2005.

Workday, Inc. provides enterprise cloud applications for finance and human resources. The company delivers financial management, human capital management and analytics applications designed for the world's largest companies, educational institutions, and government agencies. It offers innovative and adaptable technology focused on the consumer Internet experience and cloud delivery model. The company applications are designed for global enterprises to manage complex and dynamic operating environments. Workday was founded by David A. Duffield and Aneel Bhusri in March 2005 and is headquartered in Pleasanton, CA.


Salesforce.com, Inc. is an American cloud-based software company headquartered in San Francisco, California.

salesforce.com, inc. is a customer relationship management company, which provides enterprise software. Its Customer Success Platform offers a comprehensive portfolio of services, such as sales force automation, customer service and support, marketing automation, digital commerce, community management, analytics, application development, IoT integration, collaborative productivity tools and professional cloud services. The company enables industries and companies of all sizes to connect their customers using cloud, social, mobile and data science technologies. It also encourages third parties to develop additional functionality and new apps that run on its platform and other developer tools. salesforce.com was founded by Marc Russell Benioff, Parker Harris, David Moellenhoff, and Frank Dominguez in February 1999 and is headquartered in San Francisco, CA.


Tesla, Inc. is an American automotive and energy company based in Palo Alto, California. The company specializes in electric car manufacturing and, through its SolarCity subsidiary, solar panel manufacturing.

Tesla, Inc. engages in the designing, development, manufacturing and sale of electric vehicles and electric power train components. Its products include electric vehicles such as the Model S, Model X, Model 3 and the Tesla Roadster. The company also manufactures home batteries and solar roof. Tesla was founded by Jeffrey B. Straubel, Elon Reeve Musk, Martin Eberhard, and Marc Tarpenning on July 1, 2003 and is headquartered in Palo Alto, CA.


Amazon.com, Inc. provides online retail shopping services. It provides services to four primary customer sets: consumers, sellers, enterprises, and content creators. The company also provides other marketing and promotional services, such as online advertising and co-branded credit card agreements. It serves consumers through its retail websites with a focus on selection, price, and convenience. It designs its websites to enable its products to be sold by the company and by third parties across dozens of product categories. 

The company also serves developers and enterprises of all sizes through Amazon Web Services, which provides access to technology infrastructure that enables virtually any type of business. The company operates through three segments: North America, International, and Amazon Web Services. The North America segment includes retail sales of consumer products and subscriptions through North America-focused websites such as www.amazon.com and www.amazon.ca. The International segment includes retail sales of consumer products and subscriptions through internationally-focused websites. 

The Amazon Web Services segment includes global sales of compute, storage, database, and other AWS service offerings for start-ups, enterprises, government agencies, and academic institutions. Amazon.com was founded by Jeffrey P. Bezos in July 1994 and is headquartered in Seattle, WA.


Netflix, Inc. operates as an Internet subscription service company, which provides subscription service streaming movies and TV episodes over the Internet and sending DVDs by mail. The company operates its business through the following segments: Domestic streaming, International streaming and Domestic DVD.

Netflix obtains content from various studios and other content providers through fixed-fee licenses, revenue sharing agreements and direct purchases. It markets its service through various channels, including online advertising, broad-based media, such as television and radio, as well as various partnerships. Netflix was founded by Marc Randolph and Wilmot Reed Hastings Jr., on August 29, 1997 and is headquartered in Los Gatos, CA.


Incyte Corp is an American pharmaceutical company based in Alapocas, Delaware. The company was founded in Palo Alto, California in 1991 and went public in 1993. Incyte has one drug, Jakafi, which has been approved by the U.S. Food and Drug Administration and has been prescribed to patients in the United States.

Incyte Corp. is a biopharmaceutical company, which focuses on the discovery, development, development, formulation, manufacturing and commercialization of proprietary therapeutics to treat serious unmet medical needs, primarily in oncology. Its product, Jakafi, a JAK1 and JAK2 inhibitor, is currently approved in the U.S. for the treatment of intermediate or high-risk myelofibrosis and is in development as a potential treatment for other cancers. The companywas founded by Roy A. Whitfield in April 1991 and is headquartered in Wilmington, DE.


Hindustan Unilever Limited is an India-based fast moving consumer goods company. The Company operates in seven business segments. Soaps and detergents include soaps, detergent bars, detergent powders and scourers. Personal products include products in the categories of oral care, skin care (excluding soaps), hair care, talcum powder and color cosmetics. 

Beverages include tea and coffee. Packaged foods include staples (atta, salt and bread) and culinary products (tomato-based products, fruit-based products and soups), Ice creams and frozen desserts. Others include Exports, Chemicals, Water business. As of March 31, 2012, the Company had over 35 brands spanning 20 distinct categories. Its portfolio includes household brands, such as Lux, Lifebuoy, Surf Excel, Rin, Wheel, Fair & Lovely, Pond's, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr, Kissan, Kwality Wall's a nd Pureit.


Naver is a South Korean online platform operated by Naver Corporation. It debuted in 1999 as the first web portal in Korea to develop and use its own search engine.

NAVER Corp. engages in the provision of internet advertisement and search portal business. It offers services through the internet portals such as Naver, Jr. Naver and Happybean. The Naver provides community services including blogs and cafes, other convenient services such as news, knowledge shopping, maps, books, e-mail and naver tool bar. 

The Jr. Naver offers educational content for children including the homework helper and preschool; children and parents such as children's song world, fairy tale travel and parents room; entertainment services such as animal farm and game land. The Happybean is a online donation portal which acts as a bridge between internet users to participate in donation activities and organizations. The company was founded on June 2, 1999 and is headquartered in Seongnam, South Korea.


Facebook, Inc. is a social networking company, which allows people to communicate with their family, friends, and coworkers. Its services include timeline, news feed, messages, lists, ticker and mobile apps. The company products include Facebook, Instagram, Messenger, Whatsapp and Oculus. Facebook was founded by Mark Elliot Zuckerberg, Dustin Moskovitz, Chris R. Hughes, Andrew McCollum and Eduardo P. Saverin on February 4, 2004 and is headquartered in Menlo Park, CA.