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Innovation Strategy (clear understanding and articulation of specific…
Innovation Strategy
clear understanding and articulation of specific objectives related to helping the company achieve a sustainable competitive advantage.
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What types of innovations will allow the company to create and capture value, and what resources should each type receive?
Good strategies promote alignment among diverse groups within an organization, clarify objectives and priorities, and help focus efforts around them.
Marketing, operations,
finance, and R&D
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A company without an innovation strategy won’t be able to make trade-off decisions and choose all the elements of the innovation system.
clear understanding and articulation of specific objectives related to helping the company achieve a sustainable competitive advantage.
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Without a strategy to integrate and align the perspectives around common priorities, the power of diversity is blunted or, worse, becomes self-defeating.
GO beyond all-too-common generalities, such as “We must innovate to grow,” “We innovate to create value,” or “We need to innovate to stay ahead of competitors.”
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invests a lot in basic research,
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