What is Innovation Strategy?
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What is an innovation strategy?
It focuses on competing by creating new value propositions or offerings. It involves coming up with new concepts and making them a reality. It generally requires the extensive investment of resources in research and development.
It can be rapid (dramatic) or drawn out (incremental). Companies commonly take an either closed (internal development) or open (external development) approach to where innovation arises.
Approaches to innovation can generally be categorized as:
- Proactive - Actively seek out innovation before the apparent need arise,
- Active - Innovating based upon an apparent need.
- Reactive - Innovating as a result of a pressing need.
- Passive - Allowing innovation to happen organically with excessive promotion or fostering.
The 4 most common types of innovation are:
- Product/service innovation - Developing new products or services or improving upon existing ones.
- Process innovation - The development of new systems as part of the value delivery process.
- Marketing innovation - Novel methods of carrying out the brand, sales, and delivery processes of marketing.
- Business model innovation - Novel models for delivering a value proposition to the customer client or end user and, in turn, receiving back the amount and type of value required/desired as a result.