‘Most-innovative company in the world’ is a Chinese firm that delivers takeaway food, not Google or Facebook
- Ranking indicates that the West is finally waking up to the fact that a lot of innovation today is taking place beyond Silicon Valley
The top two most innovative companies in the world are from Asia, according to Fast Company, a US business magazine, in the latest sign that the West is waking up to the fact that a lot of innovation today is taking place beyond Silicon Valley.
China’s Meituan Dianping, which offers an app-based service that expedites the booking and delivery of services such as hotel stays, movie tickets and food, has taken Apple’s crown as the world’s most innovative company in Fast Company’s 2019 ranking of the world’s 50 most innovative companies.
Dubbed by Fast Company as “transactional super apps”, both Meituan Dianping and Grab are recognised for the changes they have brought to hundreds of millions of Asian consumers. This not only relates to buying food and booking hotels but also the transformation the companies have brought to local businesses in terms of digitising their operations and fuelling their growth and expansion.
“The reason that transactional super apps take root in Asia, China in particular, is because of the well-established mobile internet infrastructure and the popularity of mobile payments in the region,” said Zhang Yi, chief executive of research firm iMedia. “In terms of payments in the US, the credit card still rules.”
The 2019 ranking is the first time a non-US company has been chosen as the world’s most innovative company since Fast Company started compiling the rankings in 2008, reflecting the rise of innovation in regions beyond Silicon Valley, particularly in Asia.