The Frost & Sullivan Product Innovation Award is presented each year to the company that has demonstrated excellence in new products and technologies within their industry. The recipient company has shown innovation by launching a broad line of emerging products and technologies.
To choose a recipient of this Award, the analyst team tracks all new product launches, R&D spending, products in development, and new product features and modifications. This is accomplished through interviews with the market participants and extensive secondary and technology research. All new product launches and new products in development in each company are compared and evaluated based on degree of innovation and customer satisfaction. Companies are then ranked by number of new product launches and new products in development.
In addition to the methodology described, there are specific criteria used to determine final competitor rankings in this industry. The recipient of this Award has excelled based on one or more of the following criteria:
• Significance of new product(s) in their industry
• Competitive advantage of new product(s) in their industry
• Product innovation in terms of unique or revolutionary technology
• Product acceptance in the marketplace
• New product value-added services provided to customers
• Number of competitors with similar product(s)
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