What An Innovation Strategy Is (and Why You Need to Have One)

McKinsey reports that although innovation is crucial for success, only 6% of executives are satisfied with their digital innovation performance. The reason for this is often a lack of a solid innovation strategy. This article outlines five steps to create a successful and long-term innovation strategy, such as defining business goals, identifying opportunities for innovation, knowing your market and clients, creating an innovation team and culture, and executing the strategy with the whole organization. The article also explores the different types of innovation, such as architectural, incremental, radical, and disruptive, and provides tools for idea generation, validation, testing, and measurement.