Famed Apple analyst Horace Dediu has written another masterpiece, positing his definition of what is the true meaning of the word “innovation:”
To be innovative is very difficult, but because of the difficulty, being innovative is usually well rewarded. Indeed, it might be easier to identify innovations simply by their rewards. It’s almost a certainty that any great business is predicated on an innovation and that the lack of a reward in business means that some aspect of the conditions of innovation were not met.
The causal, if-and-only-if connection with reward is what should be the innovation litmus test. If something fails to change the world (and hence is unrewarded) you can be pretty sure it was not innovative enough.Horace Dediu
Dediu concludes by stating that true innovations of a product is directly related to the impact it has on society or market:
Understanding that innovation requires passing a market test and that passing that test is immensely rewarding both for the creator and for society at large means that we can focus on how to make it happen. Obsessing over the mere novelties or inventions means we allocate resources which markets won’t reward. Misusing the term and confusing it with activities that don’t create value takes our eye off the causes and moves us away from finding ways of repeatably succeeding..Horace Dediu
Based on the above, it safe to say Apple is the most innovative company in the tech industry.