How To Build a Corporate Innovation Program

An Accenture research reveals that investments in innovation are expected to increase 1.8X in the next five years. However, merely increasing budgets for innovation does not equate to better results. Many organizations focus too much on small initiatives and fail to implement holistic approaches. In this article, readers will learn about the key steps and requirements for successful innovation programs. An innovation program is a portfolio of initiatives around an innovation strategy aligned with the organization's business objectives. To build an innovation program, companies can follow these four steps: create a practical innovation strategy, turn practical goals into an actionable roadmap, communicate clearly, and build the capabilities of the organization. Several common pitfalls plague innovation programs, including unclear goals and misaligned strategy, insufficient resources, and lack of ownership. The article concludes that successful innovation is not guaranteed by individual innovation initiatives but by a commitment to a corporate innovation program integrating different activities to serve a common goal.