为大胆而建：为什么最好的创新者运行两个系统

How top companies scale bold ideas Contents How top companies scale bold ideasBuilt to Reinvent: The Strategy of Innovation How top companies scale bold ideas By Marissa Dent Dear colleague: We spoke to the world’s boldest innovators. Here’s what they have Fast Company’s50 Most Innovative Companies is a global snapshot ofbrands reshaping business, tech, and culture. When we surveyed andinterviewed a selection of this year’s leaders, clear Innovationistheir strategy—almost all aim to grow beyond their core.They don’t outspend their peers on R&D; they spend differently, focusingon transformative innovation. And they conquer risk aversion by No surprise, AI already plays a central and growing role. But it’s nosubstitute for imagination or understanding real customer needs.Instead, leaders use AI to dream bigger and know their customers Marissa Dent Global Leader, Bain Innovation and Business Building Built to Reinvent: The Strategy The best innovators are committed to growth beyond their core and pursue it with By Marissa Dent, Dunigan O’Keeffe, Mikaela Boyd, Dennis Jones, and Eva Savioz At a Glance Public companies inFast Company’s list of 50 Most Innovative Companies outperform theirsector peers in total shareholder return, suggesting that high performance in innovation Almost all top innovators we surveyed plan to enter new sectors or markets, demonstratinga commitment to growth beyond their core About half of the leading innovators do not outspend their sector peers on R&D,suggesting innovation success is not solely about spending levels, but also about Each year,Fast Companypublishes its list of the 50 Most Innovative Companies, highlightingorganizations that are reshaping industries and setting the pace in business, tech, and culture. This year’slist includes a diverse range of global companies—from established giants like Nvidia and Waymo to fast- Innovation Report 2025 Despite their diversity, these companies share one clear belief: Innovation is not peripheral; it is vital to Financial results from these companies suggest that success in innovation is correlated with significantlyhigher than sector-average total shareholder returns. Of the 10 public companies on the list with a track Innovation is not a function; it is the strategy We asked 20 of the companies fromFast Company’s list to share their approach with us. Throughinterviews and surveys, we conducted a deep dive into how they invest and operate when it comesto innovation. In our conversations with their leaders and with leaders of other high-performing firms What we heard was consistent with Bain & Company research that finds the best companies achievegrowth from a mix of core activities and new growth engines—which we call Engine 2. Some 70% of theworld’s 100 largest companies successfully launched new businesses and grew them to scale. Among the We also found that 88% of those companies have embedded innovation into the top tier of their strategicagenda, ranking it as one of their top three priorities and elevating it alongside financial performance.These organizations recognize that future competitiveness won’t come from marginal improvements; Innovation Report 2025 Clarity is an innovation multiplier Equally important as commitment to innovation is clarity about it—knowing where to focus innovationefforts for maximum impact. Leading innovators are aligning their innovation strategies around three •Quantified ambition:Innovation has clear targets tied to revenue, profit, or market impact. •Strategic coherence:Innovation themes are tightly linked to the company’s unique assets •Prioritized domains:The company makes investments in specific markets, technologies, or Innovators don’t outspend; they out-allocate Contrary to conventional wisdom, the most innovative companies do not always spend more than theircompetitors on R&D. Instead, they do a better job allocating that spending. Approximately half of thecompanies we examined said they spend the same or less than their competitors as an absolute R&D Innovation Report 2025 What matters more than the amount spent is how it is spent. Typical companies devote a significantportion of their R&D budget to sustaining innovations—that is, enhancing or evolving existing products,services, or processes. But the vast majority of the leading innovators we studied devoted more than 60% This signals a fundamental shift: from managing innovation as a cost center to treating it as a dynamiccapital allocation exercise. Innovation leaders are constantly adjusting investment portfolios—rebalancing Innovation requires conviction Innovation isn’t a side project. Increasingly, it’s the main act. The companies leading the next wave ofgrowth don’t dabble in innovation; they make bold bets, intentionally allocate or reallocate resourcesto those bets, and treat innovation not as an expense, but as the engine of strategy, growth, and value Innovation Rewired: WhenImagination Meet