Innovation is the lifeblood of a thriving economy, and Dallas-Fort Worth is no exception. Fortune magazine's recently released list of 2024's Most Innovative Companies lists several North Texas-based companies as America's top innovators, highlighting the region's business prowess. .
As Fortune points out, “Innovation isn't just a nice-to-have, it's true for nearly every company in the world.” [the] The list has recorded revenue growth over the past three years. ”
For the second time this year, Fortune magazine's annual ranking of America's Most Innovative Companies recognizes 200 companies that are “transforming their industries from the inside out.” The list was shortened from 300 to 200 companies, with Alphabet, Apple, and Microsoft each occupying the top three spots. Apple overtook Salesforce and IBM, jumping from 6th place in 2023 to 2nd place.
[Graphic: Fortune]
AT&T leads innovation pack in North Texas
Dallas-based telecommunications giant AT&T ranks No. 20 overall on the list, making it the highest-ranking Fortune innovator in North Texas and No. 4 in the state. The company's efficient operations have earned it a process rank of 9, solidifying its position as an innovation leader. AT&T is also ranked 30th on the Fortune 500.
Other companies in the area are proof that innovation thrives in a variety of areas in North Texas.
Charles Schwab (No. 85), a Westlake-based multinational financial services company, was named to the Most Innovative Companies list for its balanced approach to culture, processes and products. Meanwhile, Irving-based Kimberly-Clark (No. 87), a well-known consumer products company, also earned a spot on both lists, demonstrating its commitment to excellence.
This year's list shows a notable increase in the number of healthcare companies represented overall. North Texas included Dallas-based Baylor Scott & White Health (No. 102) and Irving-based McKesson (No. 103). meanwhile, Dallas-based CBRE Group (No. 162) represents the Real Estate Services sector.
Dallas-based Jacobs Engineering (No. 184) stood out with its notable culture ranking of No. 30, contributing to its overall innovation score.
Companies headquartered in North Texas:
|
rank |
name |
culture rank |
process rank |
Product rank |
fortune 500 |
|
20 |
AT&T |
156 |
9 |
58 |
No.30 |
|
85 |
charles schwab |
67 |
93 |
152 |
No.175 |
|
87 |
kimberly clark |
158 |
71 |
149 |
No.199 |
|
102 |
Baylor Scott & White Health |
129 |
111 |
95 |
— |
|
133 |
McKesson |
42 |
177 |
84 |
No.9 |
|
162 |
CBRE Group |
92 |
153 |
155 |
No.135 |
|
184 |
jacobs engineering |
30 |
186 |
168 |
No.277 |
Looking outside of North Texas, the state's business community continued to shine. Austin-based Oracle ranks No. 6 in his overall rankings and has a dominant presence in every business metric. Dell Technologies and Tesla, also based in Austin, are following close behind, with the former demonstrating strong product and process performance and the latter disrupting the auto industry with an innovative approach.
Other companies headquartered in Texas:
|
rank |
name |
culture rank |
process rank |
Product rank |
fortune 500 |
|
6 |
oracle |
46 |
6 |
13 |
No.101 |
|
Ten |
Dell Technologies |
29 |
11 |
41 |
No.34 |
|
11 |
tesla |
43 |
13 |
15 |
No.50 |
|
26 |
houston methodist |
9 |
77 |
twenty one |
— |
|
75 |
exxon mobil |
185 |
35 |
180 |
No.3 |
|
161 |
H.E.B. |
96 |
166 |
110 |
— |
|
176 |
keller williams realty |
100 |
171 |
131 |
— |
|
191 |
chevron phillips chemical |
184 |
143 |
137 |
— |
more recognized innovators
While North Texas and Texas-based companies perform well on the Most Innovative Companies list, Dallas-Fort Worth and the entire state are also important office locations for many other notable innovators. Representing a diverse range of industries, these companies contribute to the region's vibrant business ecosystem and further strengthen Texas' position as a hub of innovation.
Texas companies are making a name for themselves alongside national leaders across a variety of sectors. From business services to finance to the aforementioned healthcare sector, innovators are driving new standards.
Take a closer look at how companies in key sectors are performing on the Most Innovative Companies list and where North Texas and Texas-based companies are positioned.
business services
Texas' only business services company ranking, Dallas-based Jacobs Engineering (No. 184), includes PayPal (No. 69), Automatic Data Processing (No. 80) and Republic Services (No. 111). It is one of the top nine companies in the United States. ), Adtalem Global Education (No. 116), Paychex (No. 131), Fiserv (No. 156), University of Utah Health Care (No. 177), and Arcalea (No. 179).
financial sector
In the field of finance, the corporate chart includes a mix of traditional banks, insurance companies, investment companies, and real estate companies. North Texas-based Charles Schwab (No. 85) and his CBRE Group (No. 162) hold a strong position on the list, citing an employee-centric environment and consistent performance across culture, processes, and products. is emphasized. Austin-based Keller Williams Realty (No. 176) also ranked in this category.
Texas is also home to the offices of many other influential financial giants and innovators on the list. Bank of America (14th), Capital One Financial (15th), JPMorgan Chase (17th), Citigroup (19th), American Express (24th), and Fidelity Investments all , has a large presence in the United States. States, to name a few. Other notable companies with offices in Texas include State Farm Insurance, Allstate, Progressive, PNC Financial Services, Morgan Stanley, and Hartford Financial Services Group.
energy sector
ExxonMobil, which moved from Irving to the Houston area in 2023 and still has a presence in DFW, dominates the national energy sector rankings at No. 75, making it the only Texas-headquartered company in the sector. He is also the representative of With a culture rank of 185, process rank of 35, and product rank of 180, we are number 3 among Fortune 500 companies. This leaves us with Consolidated Edison (117th), Exelon (119th), and Duke Energy (154th), all of which have a presence in Texas.
What makes a company innovative?
Fortune partnered with Statista to create the 2024 ranking of America's Most Innovative Companies. According to the publication, the evaluation process includes three equally weighted dimensions: product innovation, process innovation, and innovation culture.
Product innovation is evaluated through patent scores and opinions from experts and prospective customers. Process innovation examines a company's operations with input from employees, experts, and potential customers. Innovation Culture assesses employee opinions and external experts' perspectives on the extent to which a company fosters internal entrepreneurship and creativity.
Starting with a list of over 25,000 companies, eligible companies can participate in the ranking process through Fortune.com. Statista conducted an online survey of employees to score their companies' innovation culture and internal process innovation. A survey of industry experts, including recruiters, management consultants, and patent attorneys, was conducted to gauge external opinion on process and product innovation.
According to Fortune, Statista also worked with LexisNexis PatentSight to analyze the number and value of each company's patents. The 200 U.S. companies with the highest overall scores were named America's Most Innovative Companies of 2024.
See the complete Fortune rankings here.
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