Innovation is required for any company that is not on track to meet its business objectives. Many companies declare innovation as a priority, but few go far enough to describe just how innovation will help it achieve its goals. In the absence of a well-defined innovation strategy, corporate innovators are virtually guaranteed to miss their mark, ultimately leaving innovation, itself, as a failed experiment.
The most successful innovation strategies will include:
- Well-understood mission and/or purpose statements
- A well-articulated vision which clearly states what success will look like, and when
- Execution of a sound innovation readiness plan
- A roadmap of expected innovation outcomes
- Investment in new capabilities to unlock new possibilities
Organizations can greatly improve their odds of innovation success by taking the time to define innovation parameters and provide strategic context to their innovation teams. At NewBoCo, we help companies assess and define their current state, craft and articulate their future state visions and create strategic action plans for bridging the gap.
“Vision without action is a daydream, action without vision is a nightmare.” - Japanese ProverbView our upcoming Strategy Workshops