Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.
Last week, Fast Company unveiled its 2024 edition of the World’s Most Innovative Companies—a series of rankings that celebrates innovation in every corner of business. The stories and lists are great reading, offering a glimpse into companies that are shaping the future of technology, business, and culture. They also offer important lessons for CEOs and other leaders on how to stoke innovation in your organizations. Here are three top takeaways:
Innovators keep innovating
While the world is finally embracing Nvidia’s AI technology–powered chips, CEO and cofounder Jensen Huang is already planning for the next wave of advances in computing. Huang tells Fast Company Global Tech Editor Harry McCracken that Nvidia is researching and developing technology for quantum-classical computing, which marries traditional and quantum computing. He also says that he considers many of Nvidia’s current successes to be works in progress. For big-thinking executives such as Huang, the work of innovation is never done.
Human talent still matters
The Most Innovative Companies list is heavy on AI companies with the potential to drive automation, but many of the honored companies are proof that human ingenuity is key to innovation. It is hard to imagine a computer coming up with the script for Barbie, director-writer Greta Gerwig’s blockbuster film. Ynon Kreiz, CEO of Barbie maker Mattel (No. 17), says, “It’s all about bringing the best talent in the industry . . . and trusting their creative process.” The National Women’s Soccer League (No. 5) is seeing franchise values rise and audiences grow based on a strategy of attracting top players.
There’s still plenty of “white space” for innovation
Think there are no new frontiers to explore? Is your innovation agenda stalled? The list is chock-full of inspiring companies that are innovating in even the most crowded spaces. Rather than invent a new sport, Hyrox (No. 41) turned working out into a competition, partnering with gyms to enable fitness buffs to train and compete against peers. Despite the proliferation of online college courses, Campus (No. 49) offers live classes—not prerecorded videos—which increases course completions and ultimately boosts graduation rates.
The rapid pace of technological and cultural change has made innovation a top priority for many companies, though a recent Fast Company survey of Most Innovative Companies honorees from 2000–2023 found that only 25% of respondents had an innovation specialist on their board. That means the innovation agenda often rises to the top: Almost half (49%) of those polled say their CEOs are responsible for driving innovation.
Innovation at home
Who is most responsible for innovation in your organization? If it isn’t the chief executive officer, how does the CEO engage in your company’s innovation agenda? Send your examples to me at [email protected].
