Innovating Where the Business Cares: Developing Areas of Strategic Innovation

Innovation managers often face restrictions in implementing great ideas due to lack of sponsorship and budget. Aligning with C-Suite agenda from the start and focusing on Strategic Innovation Areas is the key to success. Companies offering top-level support to their innovation programs should define a set of focus areas for innovation efforts. By grouping innovation activities, firms can educate non-experts and maximize the adoption of ideas generated through directed innovation efforts. Gaining support, protection of innovation initiatives, budget and resources are vital for the success of innovation efforts. Though there may be challenges, strategic innovation areas should be established, and a balanced portfolio of activities should be considered to find more radical concepts.