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?

1. Definition of innovation for your organization
2. Description of the organization’s approach to innovation
3. Description of the environment and infrastructure needed to support the types of innovations desired and the approaches to be used
4. Roadmap of the initiatives required to create the appropriate environment and infrastructure, keeping in mind the organization’s present situation and other constraints
5. Description of the processes, procedures and metrics that will ensure the environment and infrastructure will be maintained and effective