How To Choose And Lead The Right Innovation Strategy

Innovation during adversity yields better results; according to a recent McKinsey report, companies that innovate during a crisis outperform others by 10% during the crisis and 30% post-crisis. A sound innovation strategy is required to achieve such returns, and Innovation360 Australia's Peter Glasheen and AJ Kennedy shared some guidance in their Innov8rs Connect Unconference session. Choosing and communicating the right innovation strategy begin with understanding your company’s aspirations, achieving a balance between radical and incremental innovation, and identifying opportunities for growth or profit. An innovation strategy must be aligned with corporate strategy and contain key elements such as a 360 assessment, vision and mission, innovation goals and capabilities. Furthermore, there are five innovation leadership styles for managing innovation across different business horizons, including Spiral Staircase, Cauldron, Fertile Field, PacMan, and Explorer. Companies can choose a mix of these styles to innovate within their unique environment.