What Is Innovation Strategy?

What Is Innovation Strategy?

Innovation doesn't happen by chance. To ensure consistent progress, businesses must create an environment that promotes regular innovation. An innovation strategy is a plan that organizes growth milestones to meet unmet customer needs. This plan outlines the policies, research methods, and strategies required to reach goals and improve innovative capital. It helps formalize and communicate the goals and priorities of the company, fosters collaboration and creates an environment where innovation thrives. There are four types of innovation: Sustaining Innovation, Disruptive Innovation, Radical Innovation, and Architectural Innovation. Each type aims to improve the business and serves different purposes. Creating an innovation strategy involves analyzing current strategies, researching customer needs, evolving your value proposition, and formalizing your methods. Additionally, there are several templates, such as the Strategy Choice Cascade, CO-STAR, and Innovation Ambition Matrix, that can help in the creation of an innovation strategy.

View

More Innovation Resources:

Oh No! We Have A Rebel In Our Team

Rebels are agents of change who see things differently, have a solid moral compass and are not afraid to create something new. Here's how companies can identify and empower them to unleash their talent.

View

Collaboration Overload: When the Outcome of Your Innovation Effort is Less Than the Sum of its Parts

Excessive collaboration harms organizational performance, slows decision-making, and hurts ROI. Rob Cross and Peter Gray propose solutions to improve the life of employees and reduce collaboration overload.

View

Running = Innovation (Learning from Personal Record in Berlin Marathon)

Running equals innovation – that’s what the author learned from running the Berlin Marathon. This article explores the need for innovation in endurance running equipment and how running can teach us characteristics for successful innovation.

View