Formulate Innovation Strategy

Before embarking on any innovation initiative, companies must first decide whether to pursue a strategy of product, service, operational, or business model innovation. If they choose product or service innovation, they must then decide whether to pursue core market growth, related market growth, new market creation, or growth through disruption.

It is common for a company to pursue multiple growth paths, and each path requires careful study and a well-thought-out innovation strategy. For each initiative, a company must decide, for example, who in the value chain should be the target of value creation (e.g., end users, purchasers, distributors, OEMs, etc.), what internal company constraints exist, and which competitors to consider for analysis and benchmarking.

Many innovation initiatives fail because companies do not take the time to consider all the factors that impact the innovation process. Strategyn has developed the tools and templates that companies need to ensure their innovation strategies are sound and will yield the desired business results.