Getting the innovation strategy right

The company in its yearly development of business plans may be adjusting or rolling forward the present innovation strategy or/and developing a new innovation strategy. Developing a completely new innovation strategy could result in forming a new company or a new strategic business unit in the present company if there is a major change requiring new technology and marketing. The rolling forward of the present innovation strategy is an incremental process. A change of innovation strategy results in major company changes and is obviously expensive in resources of people, time and money. Hence the reason for a number of companies not considering new innovation strategies and becoming conservative and stagnant. Whether it is a rolling change or a new innovation strategy, there is a need every year:

• to determine if the focus of the innovation strategy needs to change;

• to study the balance of innovation areas in the strategy;

• to analyse the innovation areas both operationally and strategically;

• to determine the company's capabilities and organisation for the innovation areas.

The innovation strategy for the company is a portfolio of strategies that needs to continue achieving the overall aims of the company in the changing business strategy.

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