Every company should have an innovation strategy.
The problem?
Most people don't know how to build one.
Here are 11 steps to get there:
Step 1: Create a laser-sharp focus on where you want to go as a company.
Step 2: Asses the current situation of your organisation. What brought you where you are, and what does your current environment look like?
Step 3: Choose your innovation playing style: to transform or to protect your core business.
Step 4: Determine your innovation ambitions. What kind of risks are you willing to take?
Step 5: Create your ecosystem maps. These are the areas of opportunity you see.
Step 6: Decide where in the ecosystem you will play.
Step 7: Create guiding principles to keep you on track. Ambidexterity is both an opportunity and a reason for failure. These guiding principles will guide you.
Step 8: Orchestrate your Innovation System. What are the activities you will employ to make your ambitions a reality?
Step 9: Budget your Innovation System. Make sure you don't under- and overspend.
Step 10: Create a common language. Make sure everyone in your company understands why you innovate, where you will play, and how you will achieve your goals.
Step 11: Get a go from the executives and stick to the 5 to 7-year plan!
Your innovation strategy will help you stay focused and keep your activities on track. It helps to get your internal stakeholders aligned and make validated bets.
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Don't create unicorns,
Let's breed blue whales.
🐋
