5 Principles of Innovation Strategy

In the Digital Age marked by rapid technology change, virtually no company can ignore the imperative to innovate. Failing to do so is an invitation to lose business.

To learn how companies are responding to this mandate, a global consultancy conducted a major global study in 44 countries. The goal was to understand how leaders view Innovation and what is being done to reap its rewards. Findings showed that companies are struggling with aligning Innovation efforts with Business Strategy. Companies across a wide range of industries and technology are also enlisting technology as the driver for market change and Innovation and not just an enabler.

A great number of organizations are also opening the Innovation process earlier to a broader set of stakeholders both inside and outside the company. Customers are already brought in even while in the ideation phase. Today, Innovation is no longer the domain of a chosen few.

There are 5 Principles of Innovation Strategy essential in guiding organizations to make breakthroughs in Innovation.

There are :

Strategy-driven Innovation Spend – Innovation spend is not the size of the budget but how it is spent from strategy through execution.
Viable Business Models – For initiatives to deliver value, Innovation efforts must be aligned with the company’s Corporate Strategy.
Open Innovation Models – Traditional barriers must be broken down and a much wider ecosystem for ideas, insights, talent, and technology must be tapped.
Human Experience – Human experience and insights of all kinds are essential in shaping and delivering new ideas, solutions, products, and services.
Technology-driven Innovation – Technology has become the driving source of Innovation. Technology has ceased to be used mainly to keep pace with market demands and competitors’ Innovation.

Each of these principles of Innovation Strategy are utilized by Dawgen Global Advisors when assisting clients with their Innovation Strategy.

In an era of rapid technology and market change, it is now essential of companies to increase their capacity to innovate.