Why set up an innovation strategy?

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June 11, 2024

Many companies produce goods or services daily without necessarily knowing how to innovate. Having a predefined innovation strategy helps organizations navigate numerous economic, social, and environmental challenges.

Want to boost your innovative projects? Start by enhancing your innovation management with a clear strategy.


How to select and prioritize the “best” ideas?

Most companies don’t take enough time or distance to truly understand their desired direction. This prevents them from finding the right resources or tools to succeed and properly develop their innovative projects while adapting to market changes.

It’s essential to prioritize ideas during so-called “creative” workshops for them to make sense and generate beneficial actions for the company. From these generated ideas, it will be easier to implement the right tools and steer the innovation strategy in the desired direction.

The innovation strategy, at the heart of the company’s evolution

Managing and building an innovation strategy sets the framework where thematic axes such as skills, technology, funding, internal and external communication, etc., should be focused.

This strategy must be flexible and adaptable to risks encountered as R&D projects evolve. It should be adaptable in the short, medium, and long term, capable of quickly integrating new technological or market opportunities.

Innovation management is the tangible part of implementing the innovation strategy, as it relies on:

  • Innovation culture activities
  • Key success factors
  • Tracking tools
  • KPIs
  • Decision-making processes
  • etc.

The correlation between the innovation strategy and generating new ideas

Themes anchored in the innovation strategy, aligned with the company’s overall vision or strategy, will help classify ideas generated during brainstorming sessions.

  • Are the ideas leading to diversification?
  • Do they support short-term competitiveness gains?
  • Long-term gains?
  • Are they resource-intensive?
  • Do they leverage untapped resources (talents, intellectual property, etc.)?

Establishing indicators from axes aligned with strategic directives will help prioritize the most promising ideas. This way, the company shifts from opportunistic paths with no vision to anticipatory and controlled paths, which is more reassuring for executives, employees, and other external stakeholders.

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