What is Innovation Strategy?

Innovation doesn't happen by chance. A deliberate approach is required to build the environments and procedures that allow innovative ideas to flourish. An innovation strategy is a mission and detailed plan for creating new value that customers are willing to pay for. It helps clarify priorities and goals, fosters alignment, prevents complacency, and enables businesses to achieve long-term success. There are four main types of innovation: routine, disruptive, radical, and architectural. To develop an innovation strategy that aligns with your business goals, follow these four steps: align innovation with business strategy, determine your value proposition, learn the unmet needs of your customers, and assess and adjust. Examples of companies successfully implementing an innovation strategy include Apple, Corning, Polaris, Amazon, and Google.