Key aspects of the innovation strategy

Development of an innovation strategy can assist organisation’s in: creating and capturing value; making innovation choices; understanding and further articulating organisational risk appetite; ensuring focus on innovation across the organisation; reviewing and setting future organisational structure (as structure should follow strategy); attracting investment interest; and, helping ensure survival. (Dodgson, 2019c) The innovation strategy should clearly articulate where the firm will position itself and a summary of the key aspects of the strategy is provided below (DeJong, et al. 2013).

At Edge Big we believe a successful innovation strategy should include a focus on the following key aspects of the innovation framework.

Innovation Culture

Culture always trumps strategy, so in developing an innovation strategy it makes sense to put culture as a centerpiece. In creating a culture of innovation, an innovation strategy built around the concepts of: power, permission, proximity, and process; may serve the organisation well. (Bron, 2018)

An innovation strategy should outline the key growth priorities for the organisation, a useful starting point is to consider the topics we have covered in the innovation blog series.

At Edge Big we believe that a well-considered and understandable innovation strategy can assist organisations continue to innovate and grow; thereby allowing them to reach the maximum number of people, so as to deliver on their purpose & achieve maximum impact.

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References

Bron, T. (2018). What does creativity have to do with culture? The Business Journals. https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2018/02/what-does-creativity-have-to-do-with-culture.html

De Jong, M., Marston, N., & Roth, E. (2013). The eight essentials of innovation. McKinsey Quarterly, Strategy(2), 36–47. https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-eight-essentials-of-innovation

Dodgson, M. (2019c). Introduction and overview (Lecture 1). TIMS7811 Innovation Leadership, Lecture 1, University of Queensland [UQ].