The Most Innovative American Companies, Based on Patents

This post was originally published on On Deck

In business, if you’re not moving forward — you’re falling backward. Even the most traditional companies must innovate to stay relevant and competitive through changing times. A company that never changes its product is a rare thing — while the list of companies that failed or fell behind because they didn’t innovate includes some big names.

McKinsey & Company defines innovation as the “systematic practice of developing and marketing breakthrough products and services for adoption by customers.” They found that more than 80% of executives rank innovation among their top three priorities — while only 10% reckon that their company is getting it right. Perhaps that level of dissatisfaction is healthy. Only by striving for better products and fresher ways to make and sell them can a business remain sharp.

Patents are the currency of business innovation. When a patent is granted, it gives the applicant “an exclusive right to a product or a process that generally provides a new way of doing something, or offers a new technical solution to a problem,” according to the World Intellectual Property Organization.

This may buy the company time to develop a product or monetize an idea by licensing it to other companies.

Read the rest of this post, which was originally published on On Deck.

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