How to Form an Innovation Strategy

Great post on thinking about your innovation strategy. But one comment he makes here is so true. How many of innovate one product at a time thinking that it is the answer. Remember, even with a well thought out strategy, you are not always right, especially when it comes to innovation. The word kind of says "Risk" doesn't it?

Scott D. Anthony is President of Innosight LLC, an innovation consulting firm in Watertown, Massachusettssay this in his Amazon blog today:

Companies just starting innovation efforts often begin by getting a group of people together and telling them "It's innovation time!" I've never seen efforts like this succeed in meaningful ways.

• Instead, we suggest that companies begin innovation efforts by creating an innovation strategy that details clear targets and tactics.

• Clear targets help internal innovators know what they're shooting for.

• Then think about the sources of growth.

• Look at what's already in your development pipeline.

• Calculate the gap (it will almost always be a gap) between where your projections suggest you will be and where you want to be.

• Think of the tactics that are on and off the table.

• Use this "Goals and Boundaries" visual (from Chapter 1 of The Innovator's Guide to Growth).

   The figure (download it here) represents the "goals and boundaries" of innovation. Note how the figure includes a diverse set of elements, such as steady-state revenue, channel, business model, and brand. Customize the vectors for your context, and gain consensus about what's clearly in bounds, what's on the fringes, and what's clearly out of bounds.

Gaining consensus on this visual will help you to evaluate ideas and to guide innovators in their exploration efforts.

Formalizing targets and tactics is a great way to kick-start your innovation efforts. Start allocating resources to support your strategy, and you are on your way to innovation success!

This is from Scott Anthony.

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