Innovation Engine: Driving Execution for Breakthrough Results

CHAPTER 3

Creating an Innovation Strategy

Create your innovation strategy: Develop a unique value creation target. Then create a vertical and horizontal organizational alignment for everyone to see themselves in the strategic vision and mission that is essential for future financial and nonfinancial returns.

Innovation Strategy

A generic definition of the word “invention” is a new solution that has never been available before that creates value for the person, team, organization, market, or the planet. Inventions are created by applying design principles, technology, business processes, experimentation, and laser-focused persistence to solve a problem.

Additionally, we define “innovation” as a process that continuously creates inventions that generate sustainable competitive advantage for an organization. The advantage may come in terms of business model (incremental or breakthrough), channel, processes, product performance, branding, customer experience, and forms of delivery.

In order to begin your innovation journey, the leaders in your company must take time to develop your firm's innovation strategy.

We define “business strategy” as the firm's goals, timing, actions, and resource allocations in using new knowledge to offer new products or services.

Similarly, “innovation strategy” is an articulated statement that defines how the firm has chosen to build the right competencies and required assets, products and services, and the environment in which to operate in to actualize ...