Fast Company, one of the most prestigious business magazines in the United States, has released the World's 50 Most Innovative Companies of 2014.

Let's take a look at 10 most innovative companies in the world.

No 1 Google

Country: United States

Business: An American multinational corporation specializing in Internet-related services and products, which include online advertising technologies, search, cloud computing, and software.)

Innovative advantage: For becoming a $350 billion giant that lets loose almost too many innovations and milestones to count.

No 2 Bloomberg Philanthropies

Country: United States

Business: One of the largest foundations in the US that encompasses all of the charitable donations by founder Michael R. Bloomberg. )

Innovative advantage: For doing good, methodically.

No 3 Xiaomi

Country: China

Business: One of China's biggest electronics company that designs, develops, and sells smartphones, mobile apps, and consumer electronics.

Innovative advantage: For reinventing the smartphone business model in the world's largest mobile market.

No 4 Dropbox

Country: United States

Business: A free file hosting service that allows users to share and access photos, documents and videos anywhere.

Innovative advantage: For becoming everything that cloud computing can do.

No 5 Netflix

Country: United States

Business: An American provider of on-demand Internet streaming media and of flat rate DVD-by-mail)

Innovative advantage: For creating great TV in a new context, using an already-proven model.

No 6 Airbnb

Country: United States

Business: A website for people to rent out lodging.

Innovative advantage: For making the most of its hosts.

No 7 Nike

Country: United States

Business: An American multinational corporation that is engaged in design, development, manufacturing and worldwide marketing and selling of footwear, apparel, equipment, accessories and services.

Innovative advantage: For setting a sustainable example.

No 8 Zipdial

Country: India

Business: A mobile marketing and analytics platform for emerging markets.

Innovative advantage: For turning a consumer into an asset.

No 9 Donorschoose.org

Country: United States

Business: A nonprofit organization that allows individuals to donate directly to public school classroom projects.

Innovative advantage: Has set its sights on education reform.

No 10 Yelp

Country: United States

Business: online urban guide and business review site.

Innovative advantage: Has sealed a deal with its customers.