booz co 2013-global-innovation-1000-study-navigating-the-digital-future_fact-pack

Booz & Company October 22, 2013

Navigating the Digital Future The 2013 Global Innovation 1000 Study

Booz & Company's 2013 Global Innovation 1000 Study_Navigating the Digital Future_Fact

Pack.pptx

Booz & Company

Introduction

R&D Spending Trends Analysis

Digital Enablers across the Innovation Value Chain

1

Booz & Company's 2013 Global Innovation 1000 Study_Navigating the Digital Future_Fact Pack.pptx Booz & Company

In 2013, Booz & Company is publishing its 9th Global Innovation 1000 study focusing on the impact of Digital Enablers

2

2013: Navigating the Digital Future

2009: Profits Down,

Spending Steady

2005: Money Isn't Everything

2006: Smart Spenders

2007: The Customer

Connection

2008: Beyond Borders

2010: How Top Innovators

Keep Winning

2011: Why Culture

is Key

Previous Global Innovation 1000 Studies

2012: Making Ideas

Work

Booz & Company's 2013 Global Innovation 1000 Study_Navigating the Digital Future_Fact Pack.pptx Booz & Company 3

Furthering the Innovation Dialogue

2005

Initiated study to better understand how organizations can maximize their

return on innovation investment

Found no statistical relationship between R&D spending and success

2006

Defined “High Leverage Innovators” who produced

better results per R&D dollar than industry peers

Awarded “2006 Special Achievement Award

for Advancing Innovation” by Innovate Forum

2007

Identified and defined three innovation strategies (i.e. need seekers,

market readers, and tech drivers)

Examined the connection between performance and and alignment of

corporate and innovation strategies

2008

Identified characteristics of global innovation networks (i.e. R&D

footprint) that correlated with higher performance

Awarded “Best of Visions” award from PDMA

2009

Reported impact of 2008-09 global recession on R&D spending

2010

Identified the critical capabilities required for successful innovation and

their relationship to corporate performance

2011

Examined the links between business strategy, innovation strategy and

culture

2012

Examined the early stages of innovation, i.e. generating ideas and

converting them into actionable projects

Selected Media Coverage Highlights

Covered by ABCNews and MSNBC television

Featured on NPR radio in US and BBC Radio in UK

Cited in over 180 publications across 27 countries

Called “The most comprehensive assessment of the

relationship between R&D investment and corporate

performance” by The Economist

Over the years, our study has become a recognized contributor to better understanding what drives innovation success

Representative Publications


Understanding application of digital enablers

Usage of large set of digital enablers across the

innovation value chain

Effectiveness of digital enablers and impact on

performance

R&D spending on digital enablers

Success factors for leveraging digital enablers

Usage of digital enablers by innovation strategy

Methodology

Web-based survey of nearly 400 senior

managers and R&D professionals to understand

impact of digital enablers on innovation results

(productivity, innovations outcomes, etc.)

Interviews with clients and a subset of survey

respondents

This year’s study, in addition to our annual R&D spend analysis, focuses on “digital enablers” across the innovation value chain

2013 Global Innovation 1000 Study

4

R&D Spending Trends

Analysis of R&D spending

Annual R&D spending across the 1000 largest

R&D spenders globally (publicly-traded firms)

R&D spending by region and industry (absolute

spending, growth and proportion of total)

R&D intensity (spending as percent of revenue)

Top 20 R&D spenders globally

10 Most Innovative Companies

Methodology

Spending determined based on companies‘

annual reports from their most recent fiscal year,

as of June 30, 2013

“Most Innovative Companies” determined based

on web-based survey of nearly 400 senior

managers and R&D professionals

Digital Enablers across the

Innovation Value Chain


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Booz & Company

Introduction



5


Sources: Bloomberg data; Capital IQ data; Booz & Company Innovation 1000 articles in strategy + business; Booz & Company analysis

Executive Summary – 2013 R&D Spending Trends

After two consecutive years of 9%+ growth, global R&D spending returned to the long-term

growth trend and grew at 5.8% in 2013 to the highest total ever, $638 billion

The top three industries by R&D spending continue to be Computing & Electronics, Health, and

Auto

The Software & Internet, Health, and Auto sectors accounted for 74% of the overall growth in

spending; Chemicals & Energy decreased its R&D expenditures

Spending in North America grew at an above average rate of 8.6% while Europe grew at a below

average rate of 4.5%; Japan reduced its R&D spending by 3.6%

China increased R&D spending at the highest rate, 35.8%, but deceleration of R&D growth in

China compared to previous years is significant (5-year annualized growth rate of ~ 64%)

Tesla Motors and Facebook are new entrants on the 10 Most Innovative Companies list, and

Samsung rose in the ranking for the fourth straight year, reaching third place

For the fourth year in a row, the 10 Most Innovative Companies outperformed the Top 10 R&D

spenders across key financial metrics – revenue growth, EBITDA margin, and market cap growth

6


R&D spending grew 5.8% in 2013, to its highest level ever—but this is a slower growth rate than the two prior years of 9%+ growth

Global Innovation 1000 R&D Spending

2002–2013; $ Billions

$638$603

$550

$503$521

$495

$450$417

$391$369$355$353

2004 2005 2003 2011 2007 2009 2002 2008 2012

5.53%

2006 2010 2013

1-year

CAGR 0.6% 6.5% 7.9% 10.0%

11-year CAGR

= 5.5%

3.7% 6.2% 5.4% -3.5% 9.3%

7

9.6% 5.8%



The three industries that spend the most on R&D continue to be Computing & Electronics, Healthcare, and Automotive

2013 R&D Spending by Industry $638 Billions

2012 R&D Spending by Industry $603 Billions

8

7%

7%

10%

16%

4%

21%

28%

Other

2%

Telecom

2%

Consumer

3% Aerospace

& Defense

Software &

Internet

Chemicals

& Energy

Industrials

Automotive

Healthcare

Computing

& Electronics

6%

8%

10%

16%

22%

27%

3%

Other 2%

Telecom

2%

Aerospace

& Defense

3% Consumer

Chemicals

& Energy

Software &

Internet

Industrials

Automotive

Healthcare

Computing

& Electronics



Nearly three-quarters of the $35B spending growth in 2013 came from the Software & Internet, Healthcare, and Automotive sectors

9.3

9.2

7.4

3.4

3.4

2.6

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

Change in R&D

Spending

($ Billions)

Total Chemicals

& Energy

-2.0

Aerospace

& Defense

0.1

Other

0.7

Consumer

0.8

Telecom Computing

& Electronics

Industrials Automotive Healthcare Software

& Internet

Change in 2012-2013 R&D Spending by Industry


34.8

Represents 74%

of growth in

R&D spending

9

While Computing & Electronics is

the largest spender, Software &

Internet experienced the largest

absolute spending increase

Increases

Decreases

Chemicals & Energy was

the only sector to

decrease its R&D

spending this year


The Software & Internet industry increased its R&D spending at a higher rate than any other industry

10


-5

0

5

10

15

20

25

Industrials Chemicals

&

Energy

2.0%

Aerospace

&

Defense

0.5%

-4.8%

5.8%

Consumer Computing

&

Electronics

5.4% 3.7%

Software &

Internet

22.1%

7.8%

Healthcare

6.9%

21.1%

7.1%

Telecom Automotive Other

Change in R&D Spending by Industry 2012–2013

Weighted

Average


China continues to increase its R&D spending at a higher rate than Rest of World (ROW), North America, Europe, and Japan

R&D Spending by Region 2008 - 2013

11


5

-5

65 15 10 5 0

0

35

45

40

20

15

10

ROW

5-Year CAGR (%)

1-Year

Growth Rate (%)

North

America

Europe

China

Japan

43,949.9

20,526.2

135,681.4

189,136.9

248,469.3

2013 R&D Spending

($ Billions)

-5

0

5

10

15

20

25

30

35

40

17.5%

China

35.8%

5.8%

Japan

-3.6%

Europe

4.5%

North

America

8.6%

ROW

Change in R&D Spending by Region 2012–2013

Weighted

Average


China has steadily gained revenue share among the Innovation 1000 companies – but is gaining R&D share at an even faster rate

12


19.1%

10.8%

8.7%

R&D

2013

39.0%

29.7%

4.9%

0.4%

21.3%

6.9%

3.2%

Revenue

2012

27.3%

34.2%

20.1%

10.8%

7.6%

R&D

2012

37.9%

30.0%

23.3%

6.2%

2.5%

Revenue

2011

27.4%

32.9%

21.1%

11.9%

6.6%

R&D

2011

38.3%

30.2%

23.3%

6.1%

2.1%

Revenue

2010

29.0%

35.3%

21.2%

9.9%

4.6%

R&D

2010

38.5%

32.3%

22.6%

5.3%

1.4%

Revenue

2009

31.0%

36.7%

19.9%

9.2%

3.3%

Revenue

2013

40.4%

31.9%

21.7%

5.2%

0.8%

Revenue

2008

29.1%

34.4%

R&D

2009

10.2%

5.8%

R&D

2008

43.5%

29.7%

21.5%

27.1%

34.3%

20.5%

North America

Europe

Japan

ROW

China

Revenue and R&D Spending by Region: 2008-2013 China’s R&D share has nearly

increased by 8X since 2008


-15

-10

-5

0

5

10

15

20

CAGR (%)

12-13

5%

0.2%

11-12

7%

10%

10-11

8%

15%

09-10

-4%

-11%

08-09

5% 6%

Given strong R&D spending increase combined with very modest revenue increase, R&D intensity has increased significantly

R&D Spending CAGR

Revenue CAGR

3.80

3.60

3.40

3.20

3.00

Intensity (%)

2013

3.60%

2012

3.43%

2011

3.52%

2010

3.73%

2009

3.42%

2008

3.42%

R&D Spending and Revenue CAGR1)

2008-2013

R&D Intensity2) 2008-2013

13

1) Innovation 2013 yearly R&D spending comparison for the 911 companies for which R&D spending available for 2012 and 2013

2) R&D intensity is the share of revenue spent on R&D



Overall R&D spending grew at a higher rate than revenue and increased R&D intensity

1.181.131.16

1.23

1.111.131.121.141.201.22

1.35

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

3.2

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Indexed to 1998

R&D Spending

as % of Revenue

R&D Spending

Revenue

1.23 1.22 1.19

1.05 1.00

R&D, Revenue, and Intensity Indexed to 1998

14

Sources: Bloomberg data; Capital IQ data; Booz & Company Innovation 1000 articles strategy + business; Booz & Company analysis


Google (#12) & Sony (#20) are new Top 20 R&D spenders in 2013

15

Increase or decrease within Top 20

ranking compared to 2012

Rank Company Geography Industry

2013 R&D

spending

($B)

1 Volkswagen Europe Auto 11.4

2 Samsung ROW Computing & Electronics 10.4

3 Roche Holding AG Europe Health 10.2

4 Intel Corp North America Computing & Electronics 10.1

5 Microsoft Corp North America Software & Internet 9.8

6 Toyota Motor Corp Japan Auto 9.8

7 Novartis AG Europe Health 9.3

8 Merck & Co Inc North America Health 8.2

9 Pfizer Inc North America Health 7.9

10 Johnson & Johnson North America Health 7.7

11 General Motors Co North America Auto 7.4

12 Google Inc North America Software & Internet 6.8

13 Honda Motor Co Japan Auto 6.8

14 Daimler AG Europe Auto 6.6

15 Sanofi Europe Health 6.3

16 IBM North America Computing &Electronics 6.3

17 GlaxoSmithKline Europe Health 6.3

18 Nokia OYJ Europe Computing & Electronics 6.1

19 Panasonic Corp Japan Computing & Electronics 6.1

20 Sony Corp Japan Computing & Electronics 5.7

Total $159.2

2013 Top 20 R&D Spending Ranking*

NEW

NEW


Rank Company Geography Industry

2012 R&D

spending

($B)

1 Toyota Motor Corp Japan Auto 9.9

2 Novartis AG Europe Health 9.6

3 Roche Holding AG Europe Health 9.4

4 Pfizer Inc N. America Health 9.1

5 Microsoft Corp N. America Software & Internet 9.0

6 Samsung ROW Computing & Electronics 9.0

7 Merck & Co Inc N. America Health 8.5

8 Intel Corp N. America Computing & Electronics 8.4

9 General Motors Co N. America Auto 8.1

10 Nokia OYJ Europe Computing & Electronics 7.8

11 Volkswagen AG Europe Auto 7.7

12 Johnson & Johnson N. America Health 7.5

13 Sanofi Europe Health 6.7

14 Panasonic Corp Japan Computing & Electronics 6.6

15 Honda Motor Co Japan Auto 6.6

16 GlaxoSmithKline Europe Health 6.3

17 IBM N. America Computing & Electronics 6.3

18 Cisco Systems Inc N. America Computing & Electronics 5.8

19 Daimler AG Europe Auto 5.8

20 AstraZeneca PLC Europe Health 5.5

Total $153.6

2012 Top 20 R&D Spending Ranking

Cisco Systems Inc moved to #24

AstraZeneca PLC moved to #26

*Note: The methodology for calculating R&D spending changed this year, so some rankings are a result of methodology change rather than actual spending change.


Tesla Motors is a new entrant among the 10 Most Innovative Companies, Facebook rejoined the list

16

10 Most Innovative Companies 2013

Rank Company

2013 R&D

Spending

($M)

Overall

Spending

Rank

Industry

Spending

Rank

2013

Revenue

($M)

Spending as % of

Revenue

(Intensity)

1 Apple Inc $3,381 43 14 $156,508 2.2%

2 Google Inc $6,793 12 2 $50,175 13.5%

3 Samsung $10,447 2 1 $178,621 5.8%

4 Amazon.com Inc $4,564 30 4 $61,093 7.5%

5 3M Corp $1,634 85 7 $29,904 5.5%

6 General Electric Co $4,520 31 2 $144,796 3.1%

7 Microsoft Corp $9,811 5 1 $73,723 13.3%

8 Intl Business Machines Corp $6,302 16 3 $104,507 6.0%

9 Tesla Motors Inc $274 377 45 $413 66.3%

10 Facebook Inc $1,399 101 7 $5,089 27.5%

Increase or decrease within “Most

Innovative” ranking compared to 2012

NEW

NEW

Procter & Gamble moved to 13th; Toyota moved to 16th



Samsung rose in the rankings for the fourth straight year, displacing 3M as the 3rd most innovative

17


Change in the 10 Most Innovative Companies Ranking 2010-2013

2010 2011 2012 2013

1st

2nd

3rd

4th

5th

6th

7th

8th

9th

10th


As in previous years, there are significant differences between the 10 Most Innovative Companies and the Top 10 R&D spenders

Rank Company

2013 R&D

Spending

($B)

Region

R&D/

Revenue

(Intensity)

Industry

1 Volkswagen $11.4 Europe 4.6% Auto

2 Samsung $10.4 ROW 5.8% Computing &

Electronics

3 Roche Holding

AG $10.2 Europe 21.0% Health

4 Intel Corp $10.1 N. America 19.0% Computing &

Electronics

5 Microsoft Corp $9.8 N. America 13.3% Software &

Internet

6 Toyota Motor

Corp $9.8 Japan 3.7% Auto

7 Novartis AG $9.3 Europe 16.5% Health

8 Merck & Co Inc $8.2 N. America 17.3% Health

9 Pfizer Inc $7.9 N. America 13.3% Health

10 Johnson &

Johnson $7.7 N. America 11.4% Health

Total R&D

Spending $94.8B

2013 10 Most Innovative Companies 2013 Top 10 R&D Spending Ranking

Rank Company

2013 R&D

Spending

($B)

Spending

Rank

R&D/

Revenue

(Intensity)

Industry

1 Apple Inc $3.4 43 2.2% Computing &

Electronics

2 Google Inc $6.8 12 13.5% Software &

Internet

3 Samsung $10.4 2 5.8% Computing &

Electronics

4 Amazon.com

Inc $4.6 30 7.5%

Software &

Internet

5 3M Corp $1.6 85 5.5% Industrials

6 General

Electric Co $4.5 31 3.1% Industrials

7 Microsoft

Corp $9.8 5 13.3%

Software &

Internet

8 IBM $6.3 16 6.0% Computing &

Electronics

9 Tesla Motors

Inc $0.3 377 66.3% Auto

10 Facebook Inc $1.4 101 27.5% Software &

Internet

Total R&D

Spending $49.1B

18


Companies appearing on both lists


Consistent with prior years’ findings, the 10 Most Innovative Companies outperform the Top 10 Spenders

19

10 Most Innovative Companies* vs. Top 10 R&D Spenders

66%71%

54%

45%

69%

45%

EBITDA as a

% of Revenue

(5-yr. Avg.)

Revenue Growth

(5-yr. CAGR)

0%

50%

100%

Market Cap

Growth (5-

yr. CAGR)

Top 10 R&D Spenders 10 Most Innovative Companies Insights

Among the Most Innovative Companies, all

but GE, Microsoft, and Google outperformed

their industries on market cap growth

The high market cap growth of the Most

Innovative Companies was driven by high

performance from Samsung, Apple, and

Amazon

Apple, Samsung, and Amazon also saw the

greatest revenue growth among the Most

Innovative Companies

The Top 10 Spenders lag their industry peers

on revenue and market cap growth

Among the Top 10 Spenders, only

Volkswagen and Samsung outperformed their

industries on all three financial measures

Highest

Possible

Score:

Lowest

Possible

Score:

Normalized

Performance

of Industry

Peers:

*Only 8 of the 10 Most Innovative Companies were

included in this analysis. Tesla and Facebook were

removed as they did not have Market Cap data

spanning back 5 years. Sources: Bloomberg data; Capital IQ data; Booz & Company Innovation 1000 articles in strategy + business; Booz & Company analysis


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Booz & Company

Introduction



20


Executive Summary – Survey Findings Overall, companies spend an average of 8.1% of their R&D budget on digital enablers; the Software

& Internet, Aerospace & Defense, and Health industries spend the highest proportions

These tools fall into two categories: “Productivity Enablers“ and “Market and Customer Insight

Enablers”

– Productivity Enablers are commonly used, must-have enablers to establish baseline productivity

– Market and Customer Insight Enablers are emerging enablers focused on understanding market and customer needs

Our survey results show that usage and effectiveness of these tools aren’t correlated– some heavily

used Productivity Enablers simply aren’t very effective, while several less used Market and Customer

Insights Enablers turn out to be highly effective

Only ~26% of digital enablers are used significantly and also considered strongly effective by survey

respondents

However, companies using enablers significantly are ~77% more likely to report that they outperform

competitors than companies using them moderately

We found significant differences in terms of usage based on companies’ overall innovation strategy

with Need Seekers claiming highest usage frequency of digital enablers

21

Sources: Bloomberg data; Capital IQ data; Booz & Company Global Innovation 1000 survey; Booz & Company analysis


Productivity

Enablers Commonly used, must-

have enablers to

establish baseline

productivity

Market and

Customer Insight

Enablers Emerging enablers

focused on

understanding

market and customer

needs

Sources: Booz & Company Global Innovation 1000 survey; Booz & Company analysis

Companies use a wide variety of digital Productivity and Market & Customer Insight enablers across the innovation value chain


Total

Spending

8.1%

Oth

er

8.6%

0.9

Com

puting

& E

lectr

onic

s

5.7%

9.7

Auto

6.3%

6.5

Tele

com

6.9%

1.0 In

dustr

ials

7.1%

4.7

Chem

icals

& E

nerg

y

7.2%

2.9

Consum

er

7.9%

1.7

Health

10.0%

13.8

Aero

space

& D

efe

nse

12.0%

2.6

Soft

ware

&

Inte

rnet

15.0%

7.7

Spending on digital enablers, in % of R&D spending and in $B1)

Average weighted by # of responses per % spend category2)

Among all industries Software & Internet companies spend the highest proportion of their R&D budgets on digital enablers

1) Calculated by applying the Average of % Spending (as determined by survey respondents) on the left to the overall industry R&D spending (as calculated from Bloomberg and Capital IQ data)

2) % spend categories: <5%, 6-10%, 11-20%, 21-30%, 31-40%, 41-50%, and >50%

Sources: Bloomberg data; Capital IQ data; Booz & Company Global Innovation 1000 survey; Booz & Company analysis

Average

23


Companies using digital enablers significantly are 77% more likely to report that they outperform competitors than moderate users

Respondents with perceived overall financial outperformance relative to competitors

(in %)

24

Minimal Usage 1 2 3 4 5 Significant Usage

“Used Moderately” = 1, 2, or 3

“Used Significantly” = 4 or 5

Significant usage of digital enablers

53%

Moderate usage of digital enablers

30%

+77%

Sources: Booz & Company Global Innovation 1000 survey; Booz & Company analysis


Need Seekers – Consistently strive to be first

movers; Proactively engage customers to

determine needs and shape new innovations;

Determine new innovations market back from market

need identification

Market Readers – Adopt a 2nd mover strategy;

Focus on driving value through incremental change;

New innovations determined market back; although

not as proactively as Need Seekers

Technology Drivers – Drive innovation via

technological achievement; Leverage technology

for both incremental and breakthrough change.

The least proactive of the three strategies in directly

contacting customers

Three Innovation Strategies Example Companies

In 2007 we defined three distinct innovation strategies which we further explored in subsequent studies

Sources: Booz & Company Innovation 1000 articles in strategy + business


In 2011 we found that Need Seekers possess the highest level of strategic alignment and cultural support

Innovation Strategy Alignment with

Business Strategy

Innovation Strategy Supported by

Company Culture

Not Aligned

Highly Aligned

Does not

Support

Strongly

Supports

26

Sources: Booz & Company 2011 Global Innovation 1000 survey

19.8% 17.1%15.2%

34.7%50.9%

32.9%

8.4% 7.9%

4.4%3.6%

37.7%

34.2%

30.3%

0%

20%

40%

60%

80%

100%

% of Respondents

Technology Driver Market Reader

3.0%

Need Seeker

15.8%

33.7%

33.8%

31.2%

28.5%

6.9%14.0%

6.1%6.9%0.6%

17.5%21.3%

3.6%

38.8%

41.2%

0%

20%

40%

60%

80%

100%

% of Respondents

Technology Driver Market Reader Need Seeker


In 2012 we found that the innovation models use idea generation tools and mechanisms at the front end that support their strategies

27

Technology Foresight Tools

1.21

0.90

0.85

Market Insight Tools

0.91

1.16

0.91

End User Insight Tools

0.96

0.92

1.17

Indexed average value across all survey respondents

“Which of the following tools and mechanisms, if any, does your organization

use to generate new ideas?” (1)

(1) Responses reflect the indexed value of the likelihood that respondents are choosing a value higher or lower compared to the average across all responses. An index value of

“1” represents the indexed average of responses

Need Seekers

over-index on

tools/mechanisms

that provide deep

end-user insights

Market Readers

over-index on

tools/mechanisms

that provide

market insights

and demand leads

Technology

Drivers over-index

on tools/

mechanisms that

guide where/ how

they can push the

tech frontier

End-User Insight Tools

Idea Work-Out Sessions

Social Network Data Mining

End User / Customer Focus Groups

Direct Customer Observation

Market Insight Tools

Feedback from Sales & Customer Sppt

Traditional Market Research

Seed Funding for Exploratory Research

Technology Foresight Tools

Periodic Meetings of Technical

Community

Technology Road Mapping

External Technology & Idea Scouting

Cross B.U. Communities of Practice

Sources: Booz & Company 2012 Global Innovation 1000 survey


In 2013 we found that Need Seekers claimed the highest usage of digital enablers, with 62% of respondents using them significantly

Respondents using digital enablers significantly in innovation processes

and product development cycles in %, N = 381

28

62%

48%

25%

Market Readers Need Seekers Technology Drivers

Sources: Booz & Company 2013 Global Innovation 1000 survey; Booz & Company analysis


Need Seekers

Market Readers

Tech Drivers

Monitoring tools

Idea capture tools

Simulation tools All Three

Discussion platforms

Rapid prototyping

Visualization and

engagement tools

Social media management dashboards

Enhanced PLM

systems

Big data tools

Customer profiling

Co-design tools

Project management

Crowdsourcing

Collaborative environments

CRM systems

ERP platforms

Most Used Enablers by Innovation Strategy

While priorities differ slightly by innovation strategy, companies demonstrate a high level of agreement on most used digital enablers

Sources: Booz & Company 2013 Global Innovation 1000 survey; Booz & Company analysis

Color Key:

Productivity enabler

Market and customer insight enabler


For the complete study and additional

information on the annual

Booz & Company

Global Innovation 1000 Study

Please Visit:

www.booz.com/innovation1000

(official release on October 22nd)

For media or other inquiries, please contact

Katrina Grochocki

+1-212-551-6415

+1-908-642-3766

30

The 2013 Global Innovation 1000 Study: Navigating the Digital Future

http://www.booz.com/innovation1000