The OP asked about innovation, quality, and fun.
First I truly believe in all three companies/brands. The industry, and users of all of the products of these manufacturer's have/are/will benefit from them. There is so much history and great individual products from each of them
Kershaw/ZT does occasionally compete with each the other two in the $100+ category, though we’re really just starting to focus at this price point. ZT specifically will challenge BM and Spyderco in the upcoming years, as we are full steam ahead in expanding our line-up. They have a couple of decade’s head start on us, but it gives us goals to achieve.

We are not a patient company when it comes to establishing ourselves, and achieving our objectives, so look to see our regular production in this specific category/pricing structure to soar in the near future. I’m positive both of them have their own future objectives, and are very talented, so again, it will be you the user that is the real winner.
As to the value sub $75 and below category, it’s more of what we do and what we’re set up to do. Neither of the other 2 here are considered competitors.
Innovation, whether past or present, all 3 have it. From locks, blades, opening mechanisms. We all have strengths. It should be noted that breaking new ground is difficult and expensive.
Imo, quality is attached to all 3 brands as well. We all have a solid foundation in this area.
Fun…hard to quantify, as we all like what we like for different reasons.
In the end, as we step towards furthering ourselves in this price point, it’s humbling for us to be in the same conversation today, as both Spyderco and BM are iconic with their premium reputations.