Innovate - Chapter 6

Chapter 6 - Innovation Strategy - what is it and how to develop one?

Strategy is about making choices between a number of feasible options to have the best chance at “winning”, and innovation is just one of the means to achieve your strategic goals.

Without a good one, it’s actually quite difficult to achieve long-term success and orient your business for speed in order to secure competitive advantage.

While developing an innovation strategy isn’t necessarily difficult in itself, aligning it with your overall business goals and ways of working is what takes most of the time and effort.

Here are 5 steps for developing your innovation strategy

1. Determine objectives and strategic approach to innovation.
2. Know Your Market: Customers and Competitors.
3. Define Your Value Proposition.
4. Assess and Develop Your Core Capabilities.
5. Establish Your Innovation Techniques and Systems.

If you need any help in developing a strategy,