Apple is the world's most innovative company, according to Business Week.

For the third year runing, BusinessWeek ranked the world's top 25 most innovative firms, and Apple took first place, followed by Google and Toyota.

Apple also took first place on last year's list, so the title observes: "That sort of staying power speaks volumes about the sort of innovation that matters today. Unlike the Post-it Note, which proves the value of lone inventors, the iPod epitomizes today’s innovation sensibilities. These include the ascendance of design, the focus on the user’s experience, and the power of ecosystems: The iPod is a hit because it works so seamlessly with the iTunes software. The company’s much-anticipated iPhone, which launches in June, will likely keep Apple high on our list next year too."

"The leaders of companies on this year's BusinessWeek list recognize that developing breakthrough products, revamping operational processes, and coming up with new business models doesn't happen overnight. Instead of relying on gimmicks or incremental line extensions, they're working to build organizations that are capable of sustained innovation," the magazine writes.

To determine the list, BusinessWeek hired the Boston Consulting Group, which asked 2,500 executives worldwide to vote.