Summary

• Clearly define what you want to achieve out of this cycle of innovation.
• How does this fit with the current stage of the company’s growth and where the company is heading.
• Some ideal types of innovation strategies are proactive, active, reactive and passive.
• Look at what type of innovation strategy will best suit your desired outcome and your company’s stage of development.
• Think of ways to limit the cost of innovating such as developing prototypes and staging the development process so that you do not over-commit to ideas before they are proven.
• Give it a try; accept mistakes will be made; Take small steps; give people the space to innovate; Build mechanisms to harness innovation.
• Use the development of the innovation strategy as an opportunity to develop a culture of creativity within your organisation.

Links to subsections of this topic

Developing an innovation strategy
Types of Innovation Strategy
Integrating your business strategy
Prototyping
Driving Innovation
Summary