Innovation Strategy – What is it and how to develop one?

Innovation is just one of the means to achieve your strategic goals. Without a good innovation strategy, it’s quite difficult to achieve long-term success and secure competitive advantage. This article introduces a five-step process for developing an innovation strategy and a few tools that can be used to map your strategic goals. The steps include (1) determining objectives and strategic approach, (2) knowing your market, (3) defining your value proposition, (4) assessing and developing your core capabilities, and (5) establishing your innovation techniques and systems. The article also emphasizes the importance of aligning innovation strategy with your overall business goals, communicating and integrating your strategy with ways of working, and measuring systematically and adapting for future success.