INNOVATION STRATEGY
Systematic approach to working with innovations
Innovation strategy -
navigation map in the ocean of new ideas
Innovation is the transformation of an idea into a solution that adds value to its customer and benefits the developer.
Turning ideas into solutions requires resources from the company - financial, time, human and always has an alternative value. How to determine which ideas to prioritize?
Innovation strategy - an action plan to achieve goals in the development and implementation of new solutions, which identifies areas of investment in the short, medium and long term, evaluation criteria, the necessary resources and key actions needed to achieve the goal.
The presence of innovation strategy allows:
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Conscious approach to the selection of projects and ideas
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Reduce the risk of failed investments
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Increase the speed of testing and launching new products
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Timely expand the knowledge base and competencies of the company
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Build a strategic network of technology partnerships
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Work systematically with the startup ecosystem
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Reduce resistance to change within the company
As a result it allows:
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Be the first to respond to changes in customer needs;
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To stay ahead of competitors with the launch of new services and products;
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Get more profit and market share;
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Have an attractive image of an innovative company;
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Create new niches in the market
How to develop an innovation strategy
Stage 1. Vision formation. Innovation mission, planning horizon, team
Stage 2. Research. Customers, technology drivers, socio-economic trends, competitors.
Stage 3. Design. Objectives and evaluation criteria, list formation and selection of initiatives, resource planning
Stage 4. Implementation. Formation of a roadmap for strategy implementation
Why do businesses have an innovation strategy
Do not waste opportunities
Systematically look for ideas, test hypotheses and release new products more successfully than competitors
Allocation of resources
Properly distribute financial and human capital
Competitive advantage
Know more and own the latest technologies on the market
