The primary objectives of innovation strategy are to decide on how best to allocate resources and articulate an innovation roadmap. Innovation strategy typically defines the type and scope of innovation activities, the innovation portfolio make-up, and how teams plan and execute innovation.
Typically, we begin with a high-level assessment to explore all major aspects relating to innovation activities and results. We work at the corporate-, division- and team-level of the organization always including the cross-functional perspective to ensure resources are leveraged, and speed and communication are optimized for results.
How Innovation Strategy Links to Growth Strategy
Innovation Strategy begins with understanding the growth strategy and growth gap…
Innovation strategy is one of the organizational priorities resourced to fill a targeted number for topline growth.
Our approach is to define an Innovation Strategy that delivers on business objectives for growth by first understanding the company’s vision, growth goals, business strategy, and the business issues at hand. A clearly defined growth strategy is a prerequisite to set the direction and focus on the type and mix of innovation needed to deliver the desired growth objectives across sustaining, commercial, and disruptive innovation. The framework we put in place also defines foundational elements to drive focus such as innovation principles, innovation pacing, and what is outside the agreed scope. It drives resource allocation decisions which maximize productivity, return on investment, and create unique value to the organization.
Innovation Strategy Assessment
This is focused on innovation direction and communication where we assess the understanding, clarity and linkage to growth strategy, how innovation strategy fits within growth strategy, and where growth is coming from. It leverages growth and financial results due to innovation and historical projects across the corporation, division or target group.
As part of this assessment we typically explore critical activities and results from innovation as defined:
Which is heavily influenced by management behavior and culture. We assess what types of projects are prioritized, promoted, funded and especially how failure or learning is viewed in context of business risk and risk management.
Which assess how members of innovation teams approach problems, how they perceive others and assess best practices across the core elements of the innovation process.
Which assess the innovation process, interaction, collaboration, and hand-offs. It includes the type of innovation such as portfolio formation, prioritization and management, and other aspects to improve speed, effectiveness and allocation of resources to better results.
Innovation Strategy Development
From an initial assessment, we gather information to develop a multi-year innovation strategy. There are different objectives based upon client needs but typically we are either asked to work on all aspects which would include strategy and organizational structure, management and improvements, or we work on one of the following major objectives:
- Innovation direction and resource allocation. This is about developing an innovation roadmap and activities to define innovation platforms or make-up of the portfolio.
- Organizational and process improvements to best manage innovation. This includes new capabilities such as how to partner or discovery technology or solutions for innovation, develop or incubate new businesses, new business model, lean startup and other activities.
Sometimes, once innovation strategy is developed, there is a need to focus on specific prioritization and road-mapping for R&D groups who are focused on technology discovery, applications or similar areas and may have very long-term horizons. It is critical to organize around business strategy and define innovation strategy across functions to ensure clarity of purpose.
Many times, it is just best to have a conversation with us about your innovation strategy to best determine your needs, the approach objectives, scope and deliverables.