High-impact entrepreneurs stand out on almost all aspects: they grow faster, create more jobs, contribute more to society and transform industries to a greater extent than their peers. This gives them outsized importance for the economy and society – and critical mass for policy makers to consider them as a special class. But what do they do that outshines the rest?

The World Economic Forum, in collaboration with EY, Endeavor and Purpose, analysed survey data from over 600 entrepreneurs in EY’ Entrepreneur of the Year program with the goal of better understanding how successful entrepreneurial companies accelerate access to new markets and become scalable, high-impact businesses. Our research shows that the founders of these firms marshal their forces along very different paths of growth. The report further highlights the differentiated strategies high-impact entrepreneurs take depending on their life cycle stage and the industry they are in.

When most people hear the word innovation, they think of a creation or invention. In fact, the Merriam Webster Dictionary defines innovation as (1) the introduction of something new or (2) a new idea, method, or device: a novelty. The word is being used a lot these days as changing marketplaces, emerging technologies, financial crises, and the recession have increased the demand for business innovation.Managers are being told that they have to be creative and innovative, yet most are uncomfortable with this mandate since they haven’t been trained as engineers or scientists. Realistically, how can managers be expected to invent something? Is this what senior business leaders want when they call for innovation?