You Need an Innovation Strategy

“You Need an Innovation Strategy”

By Pisano, Gary

 (2015)

Failure rates are high and its hard even for successful companies to sustain their performance.

Causes of failure: Adopt popular “best practices” or mimic those perceived as successful. The lack of innovation strategies or disconnected from the business/corporate strategy

Solutions: Develop an innovation strategy, keeping it updated and making sure it’s connected to the overall business strategy. It should focus on the value-creation, value-appropriation (how the company will capture that value) and the types of innovation to pursue.

Lack of thought-through strategies in objectives, responsibilities and function contribution can lead us to these consequences:

• Consequence 1: typical, well-known recipe’s such as decentralized R&D, venture capital projects, open innovation, crowdsourcing, etc.
• Consequence 2: conflicting ventures
• Consequence 3: limited connection to your strategy and competitive needs

We need Innovation Systems that search for problems and solutions, convert these into business concepts and product designs, help prioritize and make tradeoffs.

Elements to question while creating an innovation Strategy:  

1. Value-creation for customers and us
2. Resource allocation to different types of innovations
3. Manage tradeoffs (Crowdsourcing, Open innovation, Push & Pull choices, Stage-gate vs Reciprocity)
4. Innovation strategy evolution

Types of innovation

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