as corning, a leader in glass and materials science, has found, an innovation strategy must address how innovation will create value for potential customers, how the company will capture a share of that value, and what types of innovation to pursue. a company without an innovation strategy won’t be able to make trade-off decisions and choose all the elements of the innovation system. but without a strategy to integrate and align those perspectives around common priorities, the power of diversity is blunted or, worse, becomes self-defeating. but corning shows the importance of a clearly articulated innovation strategy—one that’s closely linked to a company’s business strategy and core value proposition. one of the best ways to preserve bargaining power in an ecosystem and blunt imitators is to continue to invest in innovation. thus, in thinking about innovation opportunities, companies have a choice about how much of their efforts to focus on technological innovation and how much to invest in business model innovation.
a company’s innovation strategy should specify how the different types of innovation fit into the business strategy and the resources that should be allocated to each. without an explicit strategy indicating otherwise, a number of organizational forces will tend to drive innovation toward the home field. for instance, it requires fast and efficient ways to test a large number of potential solutions. another practice subject to trade-offs is customer involvement in the innovation process. clarity around which trade-offs are best for the company as a whole—something an innovation strategy provides—is extremely helpful in overcoming the barriers to the kind of organizational change innovation often requires. the second is to create a high-level plan for allocating resources to the different kinds of innovation.
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. as any other strategy, the planning process of your innovation strategy starts with defining your objectives: what do you want to achieve with innovation? the purpose of business model innovation is to address the choice of target segment, product or service offering, and revenue model. what type of innovations allow the company to capture that value and achieve competitive advantage?
this makes your business model more difficult to imitate and gives the best chance for you to be able to swim in that blue ocean. reverse engineering is a technique a part of the strategy canvas that can be used to ensure your strategic choice is sound. as already mentioned, aligning innovation strategy with your overall business goals is one of the most difficult tasks when it comes to succeeding in innovation. to succeed in developing the best possible innovation strategy for you, you need to identify and map your best possible strategic choices required to win. for your innovation strategy to work, strategic alignment and seamless integration to the ways of working is the key.
creating an innovation strategy involves determining how innovation will create value for potential customers, how the company will capture that value, and which types of innovation to pursue. just as product designs must evolve to stay competitive, so must innovation strategies as the environment changes. this post will help you create your own innovation strategy through five simple steps. new revenue sources by improving product value and how products are delivered to customers. product innovation opens the door to increased brand equity, faster technology adoption rates, larger returns and an, types of innovation strategy, types of innovation strategy, product innovation strategy examples, product development and innovation strategies, innovation strategy template. a product innovation strategy is about creating winning products, which means products that are in an attractive market, target a profitable customer segment, address the right unmet needs, and help customers get a job done better than any competing solution.
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