Companies, today, must operate at a much faster pace than their competitors in order to have a competitive edge over them. They should be faster in developing and introducing products, implementing strategies and responding to the changing customer needs. Innovation, thus, has become the most critical element of business in today's scenario. Companies like Wal-Mart, Dell, Microsoft, etc., have all survived because they evolved, innovated and transformed themselves according to the changing priorities of their customers.

What makes global giants like IBM, Microsoft, Apple, Wal-Mart, Dell, Toyota, Google, Ebay, 3M, etc., unique and distinct? What makes them unparallel and competitive?

It is their powerful ideas or innovations that transformed their visions into reality and producing what was thought as impossible. It is no surprise these companies were identified as the most innovative companies according to a study conducted by BCG and Knowledge @Wharton.

Wal-Mart's supply chain management system, Dell's online business model, UPS's logistics, Google's simple but effective search engine, Apple's Ipod, Toyota's futuristic cars, 3M's innovative products like the scrotch brite are instances which apparently show what it takes to thrive in this global, informative, and technological economy. These colossal giants did what others failed to do. They noticed what others failed to notice. Simply put, they have chosen the path less traversed or maybe they created a new path (new business models for others to emulate). One of the key reasons why innovation is considered as significant for the survival and growth of any organization is globalization. This process has literally opened the floodgates for different economies to compete and collaborate. It has completely changed the outlook of businesses. Countries are now forced to think and rethink their entire outlook about the economy, society and business. Developing countries have shed their old parochial view of closed or protective economy to embrace free trade and market-based economy. However, with the advent of globalization, came new opportunities, threats, and challenges.

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