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. corning’s customer-centered approach to innovation is appropriate for a company whose business strategy is focused on creating critical components of highly innovative systems. 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.
an innovation strategy in business is defined as a commitment to a common innovation mission and a structured set of activities designed to support the future growth of an organization. to begin building the right action plan, you’ll first need to clearly define your business goals and articulate why you want to innovate in the first place. your innovation strategy should form the bridge between your high-level corporate mission, vision, and intent, and the day-to-day team activities. an innovation audit is the way to go. use the innovation landscape tool to determine the innovation types you’re aiming for now and in the future.
16 innovation initiatives you can choose to build your balanced innovation portfolio in support of the mission, and vision. the innovation matrix is a strategy framework enables you to map the 16 different programs your organization can run to achieve its innovation mission. along with the various initiatives and their benefits, it will enable you to define the best strategy for your internal governance model. sharing a common practice is most effective when done in the central organization. this format will help you review the capability building initiatives you run and choose innovation programs that will speed things up.
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