Over the last 15 years, we’ve seen innovation fail and frustrate many executive, business owners and their customers. Why? From experience it is more than execution, it is the absence of an innovation strategy and a business model that delivers sustained innovative outcomes.
I highly recommend the HBR article (You Need an Innovation Strategy, June 2015 by Gary P. Pisano), as after reading it, I had a big light-bulb moment. In concert with the article, below are my top 5 reasons for why You Need An Innovation Strategy:
- Alignment and Focus: allows the self-regulation of what problem the “should” solve, reducing waste & increasing probability of success
- Measure Success: brings together practical measures to know how successful an innovation is, and what it takes to improve
- Drive the right value: as not one innovation strategy is the same, the strategy will help drive the organisation to maximise their value proposition
- Be known for something amazing: every business wants to be known for something amazing, the innovation strategy can drive towards this
- Diversity: brings into focus the need to look at everything from different points of view
Using tools such as “Business Model Canvass” and “Value Proposition Canvass” are great to help formulate your strategy. Traditionally, these tools are used for new products and services, however, I’ve found them applicable to use as key strategic inputs.
All the best with your innovation journey!