My Favorite Business Rankings - Fast Company - IV

The World’s Most Innovative Companies – 2020, 2021, 2022, 2023

Most lists are formula bases.  You may see individuals, companies, states, ranked by value, profit, revenues, net worth, etc.  An example is the most innovative state as determined by the number of patents issued to individuals and firms in a state.  We all know the Forbes and Fortune lists.

I think this one is far more complex.  Innovation may truly be in the eye of the beholder. It is a fluid and moving definition. Innovation can change radically by industry and/or individual. The automotive industry (driver less cars) and Elon Musk come immediately to mind.

Of all the rankings, Fast Company’s innovative firms is one of the more fun to read. First, all are innovative according to Fast Company and their judgements (next paragraph). And company size; revenues, longevity, etc. are not really relevant.

The question is are you innovative.  For 2020 Fast Company staff determined innovative by:

“This year (2020), Fast Company’s editors and writers sought out groundbreaking businesses across 44 sectors, including every region of the world. We also judged nominations received through our application process. We assess each company on a combination of innovation and impact, with a focus on what it’s accomplished in the past year. The 434 organizations we honor here lead their fields and are transforming the world.”

Enjoy all four rankings and note the vast differences in the top 50. I see very few parallels. You may find more.  I think you will enjoy the one-line description of why each firm was selected. 

https://www.fastcompany.com/most-innovative-companies/2020

https://www.fastcompany.com/90603436/the-worlds-most-innovative-companies-2021

 

https://www.fastcompany.com/most-innovative-companies/2022

https://www.fastcompany.com/most-innovative-companies/list

My Favorite Business Rankings – III - Forbes Next 1000

 This is a recent one.  Unlike almost all other rankings that use somewhat static data to rank companies, Forbes uses a combination to identify the future entrepreneurs. For example, most rankings take a combination of current revenues, profitability, etc. to determine the ranking.  By using the most recent historical data points, most rankings look at the most recent calendar year.

The Forbes Next 1000 looks at that type of data, but also asks about biographical, awards, and if student debt influenced your decision to start a business.  The magazine seeks to find the next generation of entrepreneurs by identifying current sole proprietors, self-funded ventures, and pre-revenue startups all with under $10 million in revenues.  A rather novel approach.

This is one of the most unique and fun rankings to read.  The winners are diverse in every sense of the word.  Since this is running all year, every season we get to read about the additional 250 firms.  The articles run over one year.

Finally, note the judges.  Just like the past editions, the judges are a varied group of individuals. 

 

Link to list:  https://www.forbes.com/next1000/

My Favorite Business Rankings – II - Forbes 400

Everyone has heard of the Forbes 400.  It is the ranking of the richest Americans.  This is more of a fun list. It is also very informative. An example, if you look at new wealth and how it was created, you might get an indication of a growth industry. You also get a great idea about family money.

The methodology is sound.  The brief on every individual is interesting and tells you several key facts about the person. Detailed profiles are definitely worth the read. The “did you know” is almost always interesting. The one category I immediately access is “Source of Wealth.” 

A couple of items on each profile I find difficult.  The first one is the self-made score. I think is a very hard judgement. The second one and more difficult than the first is the philanthropy score.  That just seems rude to me to have anyone pass judgement on an individual’s charitable donations. 

It is a fun one to read. Of course, I periodically read an entry and think “why didn’t I think of that”.

 

Link:  https://www.forbes.com/forbes-400/#34e4c567e2ff