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.