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YOU NEED AN INNOVATION STRATEGY (Innovation Landscape Map (Radical…
YOU NEED AN INNOVATION STRATEGY
Firms strategies rarely align their innovation efforts with their business strategies
A company's capacity to innovates comes from their innovation system
synthesizes ideas
how they select which projects get founded
Interdependent processes
Without an innovation strategy a company won't identify the trade-offs
Creating an innovation strategy involves how you will create value
The process of creating an innovation strategy = understanding the objectives that will make the company win a competitive advantage
Choose what kind of value the strategy brings
Different capabilities for each value
Strategies that bring value also bring copycats
Price pressure
Reduces value
Think of what will stop customers going with the rivals
Invest continuously on innovation
Innovation opportunities
How much to invest in Business model innovation
How much to invest in technological innovation
Innovation Landscape Map
Radical innovation
Disruptive innovation
Routine Innovation
Architectural innovation
Innovation strategy must specify how the different types of innovation fit into the business strategy
Mature core business = radical innovation
Growing platforms = routine or architectural innovation
Crowd-sourcing
Can lead to fast and more efficient problem solving
Trade-offs