The 2022 Australian Financial Review BOSS Most Innovative Companies list is now in its 11th year and assesses the innovation prowess of Australian and New Zealand organisations. The list is judged and compiled by behavioural science consultancy Inventium .
Many definitions of innovation exist, but for the AFR BOSS Most Innovative Companies list, innovation is defined broadly as “change that adds value”.The assessment process organisations go through consists of three parts. First, entrants describe one innovation they have implemented in the past 24 months. A panel of industry experts rate the innovations based on the idea, the problem and the impact. Judges look at things like: how unique is the idea? How well does the idea address the problem it’s solving? Is there clear evidence of the impact the idea has made? This component is worth 40 per cent of the overall score.
Second, entrants answer several questions about how they have embedded innovation into their organisation. This looks at the organisation’s innovation process, how innovation is measured, how innovation capability is built, and other key drivers of innovation. This component is worth 20 per cent of the overall score.