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REA Group has been recognised in Forbes’ ranking of the top 100 World’s Most Innovative Growth Companies.
REA Group ranked 19th, alongside only two other Australian companies – Seek (13th) and Domino’s Pizza Enterprises (20th).
According to Forbes, the list relies upon investors’ ability to identify firms they expect to be innovative now and in the future, based on current market capitalisation and the net present value of cash flows from existing businesses. This provides an educated hunch that the company will continue to come up with profitable new growth.
Commenting on the honour, REA Group CIO Nigel Dalton said that to be recognised globally for innovation is a real honour, particularly by Forbes magazine, which is held in high regard by the global business community.
“Invention and innovation are part of REA’s DNA – we value it in our day-to-day and in our big-picture strategy. We encourage our people to look for better ways of working – how can it be better, faster, stronger, more efficient? It’s this innovative mindset that keeps us ahead of our competition, and contributes to our great culture,” he said.
“In the last year our people have produced some amazing innovations, such as bringing property listings to life via augmented reality and using behavioural data to recommend properties of interest. I’m constantly impressed by the smarts of our teams and their willingness to push the boundaries of digital media.
“It’s important to remember that innovation doesn’t happen on its own – it blossoms in the right environment.”
Mr Dalton said REA’s well-known Hack Days are at the heart of the group’s culture. Once a quarter, employees are given three days to work on any business-related project they like.
“When you allow your people to think and act outside the box, that breeds innovative thinking, and that’s something we hold dear at REA.”
[Related: Real estate portal ramps up content offering]
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