Innovation Strategy in Business

Abstract

An innovation strategy is a clearly-defined plan of structured steps a person or team must perform to achieve the growth and future sustainability goals of an organization.
Innovation is only one part of the answer. For any company, in any industry, these three strategies are mandatory: Run your business. Change your business. Reinvent your business.
An innovation strategy creates the necessary focus to use resources efficiently. This is important because innovation always involves a higher risk than other activities. Accordingly, a clear innovation strategy reduces the number of failures.
Although experts hardly agree on a definitive set of innovation types, there are generally three categories: product, process, and business model innovation.
The Four Key Elements of Innovation: Collaboration, Idealization, Implementation and Value Creation. Innovation requires collaboration, idealization, implementation and value creation. Community developers actively engaged in innovation illustrated each of these elements during breakout sessions.
Business innovation is an organization's process for introducing new ideas, workflows, methodologies, services or products.
To sum all of this up succinctly, there are five main ingredients to an innovation mindset. We need to be open to change, have a bias towards to creativity, an ability to think big, unrelenting courage to challenge the norm, and be characterized by speed of thought and action.