Long established organisations like 3M, IBM, GE, Sony, and Proctor & Gamble are consistently on the list of most innovative companies. Along with relative newcomers like Apple, Microsoft, Intel and Starbucks, these companies are renowned for consistently bringing new products and services to the market.

While these organisations also exhibit other types of innovation, such as process innovation, but mostly they are best known as product innovators.

New product development is the typical technology based innovation, usually associated with research and development. R&D is often assigned to departments charged with invention and kept quite separate from the operational arms of the company. 

Product innovation is the most visible form of innovation, and a key success factor for many businesses. Successful product innovators commit resources, time and money to continually generate and develop new ideas.