What IS an Innovation Strategy
To innovate is …
To find new ways of doing things in order to create new value for the customer and/or the company
New value means …
For the customer, better performance, more convenience, lower cost or new benefits For the company, potential for new revenue, new cost savings or new opportunities
Innovation strategy defines …
How the company makes sure it is positioned and has the infrastructure in place to systematically produce the desired innovations
Innovation strategy is vital because …
Without an innovation strategy, innovations result from uncoordinated, individual efforts and one-off ideas. Innovation strategy greatly improves the chances of successful innovation.
Innovation strategy is …
Unique to each organization due to business strategy and business model, but primarily due to each organization’s unique history and present situation.
THE BOTTOM LINE:
What is in an innovation strategy?
- Definition of innovation for your organization
- Description of the organization’s approach to innovation
- Description of the environment and infrastructure needed to support the types of innovations desired and the approaches to be used
- Roadmap of the initiatives required to create the appropriate environment and infrastructure, keeping in mind the organization’s present situation and other constraints
- Description of the processes, procedures and metrics that will ensure the environment and infrastructure will be maintained and effective
