Innovation Momentum 2024: Less is More for Patent Portfolio Strategies
Intellectual property (IP) is crucial for business success and innovation, with IP departments increasingly playing a strategic role in shaping business trajectories.
Our annual report, “Innovation Momentum 2024: The Global Top 100,” shows the top 100 global organizations displaying outstanding innovation momentum over the last two years through the lens of patents.
The 2024 report reveals trends such as AI development and identifies recent M&A activities among innovators. New entrants into our Top 100 – such as Tesla and IBM – reflect this shift towards quality-driven IP portfolio management.
The IP data collected provides insights into top innovators and underscores the need for IP practitioners to be strategic advisors.
Innovation Momentum by the Numbers
890k
Total number of patent families held across the Top 100 Innovators
2.5
x
Average quality of all the patent families in the Top 100
20
The total number of new companies making their debut on the Top 100 list
How Innovation Momentum is Measured
The Innovation Momentum methodology uniquely identifies top innovators by evaluating patent portfolio quality, regardless of size. Grounded in the trusted Patent Asset Index indicator of patent strength, it comprehensively assesses advancements across technology fields based on the innovators’ target markets.
The analysis examines the Technology Relevance of portfolios, showcasing their potential for future inventions. It also considers Market Coverage, reflecting patent protection scope.
The unification of these indicators yields the Competitive Impact – the overall patent portfolio quality.
Larger companies require more high-quality patents to impact their entire portfolio, while smaller players can make a big impact with fewer, highly innovative patents.
The methodology reveals how top innovators balance innovation quality and quantity. This pioneering approach spotlights recent high-impact innovations by differentiating between small, high-quality portfolios and large, well-maintained ones.
See the full Top 100 list
The Industries of the Top 100 Companies
Looking at industry distribution and impact, the 2024 report reveals that Pharmaceuticals have the most companies in the top 100, through acquiring startups rather than purely in-house innovation.
Semiconductors also grew, with companies advancing electronics and other sectors. Tech giants like Alphabet , Amazon, and Apple extend influence into biotech, medical tech, and consumer goods.
IBM’s return to the list may serve as an example of a more focused patent strategy.
Companies like Boeing, Hyundai, Aptiv, and Tesla continued their innovation advances in the Automotive and Engineering industries.
Though few biotech companies made the list, 10x Genomics shows exceptionally high patent quality and rapid innovation.
Companies Doing More than Product Development
Companies emerging as top innovators play a critical role in technological advancement and market strategy.
Bringing specialized expertise and proprietary technologies, they often outmaneuver larger, less agile companies in responding to market needs, making them prime M&A targets.
One company has carved out a significant niche in the competitive oncology therapeutics arena and has increased its valuation as a result.
Another company, with expertise in managing and extracting value from vast data troves, offers a compelling competitive edge which is attractive to investors in today’s data-driven world.
Download the full Innovation Momentum Report for 2024 to find out the details of these companies.
Who Are the New Entrants for 2024?
Amongst the companies who have entered the Innovation Momentum report for the very first time are:
The identities of the Top 100 are revealed in our full report.
IP as a Strategic Asset
For observers and managers of technology patent portfolios, the 2024 report provides a unique perspective, provided by the Patent Asset Index and the Innovation Momentum Methodology, which pinpoints genuine innovators.
Our analysis also makes it clear that IP development is now a vital strategic asset, moving beyond mere product development, while simultaneously propelling niche technology firms into high-value acquisition targets.
Innovation Momentum 2024 concludes that IP professionals are “emerging as architects of strategic conversations”, being able to play “a pivotal role in shaping the intellectual property strategy aligned with broader business objectives.”