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YOU NEED AN INNOVATION STRATEGY (What types of innovations will allow the…

- - - - A company without an innovation strategy won’t be able to make trade-off decisions and choose all the elements of the innovation system
        
        Without an innovation strategy, different parts of an organization can easily wind up pursuing conflicting priorities—even if there’s a clear business strategy.
- - - - Crowdsourcing, like other innovation practices, involves trade-offs
    - - Clarity around trade-offs and priorities is a critical first step in mobilizing the organization around an innovation initiative.
- - - - There are four essential tasks in creating and implementing an innovation strategy
        
        The second is to create a high-level plan for allocating resources to the different kinds of innovation.
        
        The third is to manage trade-offs. Because every function will naturally want to serve its own interests, only senior leaders can make the choices that are best for the whole company.
        
        The first is to answer the question “How are we expecting innovation to create value for customers and for our company?” and then explain that to the organization.
        
        The final challenge facing senior leadership is recognizing that innovation strategies must evolve.