“You Need an Innovation Strategy”
By Pisano, Gary
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:
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:
Types of innovation
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