{"id":14755,"date":"2021-01-14T06:17:00","date_gmt":"2021-01-14T12:17:00","guid":{"rendered":"https:\/\/blog.planview.com\/?p=14755"},"modified":"2021-01-12T16:28:26","modified_gmt":"2021-01-12T22:28:26","slug":"what-is-innovation-strategy","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/what-is-innovation-strategy\/","title":{"rendered":"What is Innovation Strategy?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-1024x576.jpg\" alt=\"innovation strategy\" class=\"wp-image-14865\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-1024x576.jpg 1024w, https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-300x169.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-150x84.jpg 150w, https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-768x432.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-1536x864.jpg 1536w, https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>An innovation strategy is a common innovation mission and a detailed plan that aims to create new value, for which customers are willing to pay. It includes a set of policies or behaviors geared toward achieving future organizational growth.<\/p>\n\n\n\n<p>The most innovative businesses understand that big, new ideas don\u2019t just happen. Instead, innovations arise out of environments and procedures that are deliberately designed to facilitate their development.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/#Why_innovation_strategy_is_important\" >Why innovation strategy is important&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/#Types_of_innovation_strategy\" >Types of innovation strategy&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/#4_steps_for_developing_an_innovation_strategy\" >4 steps for developing an innovation strategy&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/#Innovation_strategy_examples\" >Innovation strategy examples&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/#Realize_the_results_of_your_innovation_strategy\" >Realize the results of your innovation strategy<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_innovation_strategy_is_important\"><\/span>Why innovation strategy is important&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An effective innovation strategy can:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Clarify priorities and goals.<\/strong> An innovation strategy outlines the goals of the organization\u2019s innovation activities and helps focus efforts on reaching those goals.<\/li><li><strong>Foster alignment. <\/strong>With a plan in place, diverse groups within an organization will all be working toward common goals rather than pursuing their own individual priorities.&nbsp;<\/li><li><strong>Keep a business from resting on its laurels. <\/strong>Even businesses that start out as innovators must continue to innovate in a strategic way, as copycats and innovative competitors are likely to take market share over time.<\/li><li><strong>Help a business achieve long-term success. <\/strong>Without ongoing innovation, a company is unlikely to gain (or maintain) competitive advantage or keep customers engaged over the long term.<strong>&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_innovation_strategy\"><\/span>Types of innovation strategy&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Some innovations are based on technology development, while others are based on innovative business processes. Both types are valuable and important. An innovation strategy should include the types of innovation that are priorities for the business. Researchers say there are <a href=\"https:\/\/hbr.org\/2015\/06\/you-need-an-innovation-strategy\" target=\"_blank\" rel=\"noreferrer noopener\">four main types of innovation<\/a>:\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Routine innovation<\/h3>\n\n\n\n<p>This is an innovation that builds on a company\u2019s existing capabilities and serves its existing customer base, such as a new version of an existing product.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Disruptive innovation<\/h3>\n\n\n\n<p>A disruptive innovation is one that presents a new business model that challenges or disrupts competitors\u2019 business models. Amazon\u2019s decision to offer free shipping, for example, pressured other e-commerce companies to offer free or reduced shipping.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Radical innovation<\/h3>\n\n\n\n<p>Radical innovation requires a technological innovation that can still fit within the existing business model. Companies like Infarm, which grows produce inside supermarkets with remotely controlled farming technology, uses the legacy supermarket model to provide fresh local produce to customers.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Architectural innovation<\/h3>\n\n\n\n<p>A combination of both new technology and a change in business model, architectural innovation can be the most challenging to undertake.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/info.planview.com\/crowdsourcing-challenges-7-best-practices-_ebook_im_en_reg.html?_ga=2.247302532.1866543117.1610486299-91243899.1606929635\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"200\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/07\/v.a-planview-ebook-crowdsourcing-challenges_800x200.jpg\" alt=\"\" class=\"wp-image-14409\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/07\/v.a-planview-ebook-crowdsourcing-challenges_800x200.jpg 800w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/07\/v.a-planview-ebook-crowdsourcing-challenges_800x200-300x75.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/07\/v.a-planview-ebook-crowdsourcing-challenges_800x200-768x192.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/07\/v.a-planview-ebook-crowdsourcing-challenges_800x200-750x188.jpg 750w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_steps_for_developing_an_innovation_strategy\"><\/span>4 steps for developing an innovation strategy&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Align innovation with business strategy<\/h3>\n\n\n\n<p>Successful innovation efforts must be in step with your overall business strategy. To set the stage for effective innovation, individuals across the organization must understand the corporate goals.\u00a0<\/p>\n\n\n\n<p>That includes understanding the market in which the business plans to work, as the best innovations respond to the needs of customers or potential customers. Your innovation strategy must also be informed by an understanding of your competitors.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Also, keep in mind that all the best products and business models travel through a predictable, <a href=\"https:\/\/blog.dce.harvard.edu\/professional-development\/innovation-strategy-4-key-tactics-top-growth-companies\" target=\"_blank\" rel=\"noreferrer noopener\">S-curve cycle<\/a> of growth. A successful innovation won\u2019t experience growth forever. When the new begins to wear off and diminishing returns set in, that\u2019s the time to introduce the next innovation&#8211;and your strategy should plan for that.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Determine your value proposition<\/h3>\n\n\n\n<p>Your innovation strategy should answer the questions of what unique value you will bring to your market and what types of innovations will allow you to capture that value and build a competitive advantage.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>To answer those questions, a company must understand its core capabilities. <\/p><\/blockquote>\n\n\n\n<p>Can you create value by saving customers money and time? By making them willing to pay more for your product or service? By providing a greater benefit to society? By making your product better performing, more convenient, more durable or less expensive than the current options?\u00a0\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Learn the unmet needs of your customers <\/h3>\n\n\n\n<p>The most successful innovations will meet needs of the customers you want to serve&#8211;and to develop those innovations, your business must understand the needs, sometimes even before the customers realize they have those needs.\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Your employees are often closest to your customers, and they can be an important part of the strategy to discover unmet needs. <\/p><\/blockquote>\n\n\n\n<p>Consider crowdsourcing input from employees to help uncover their knowledge of customer needs. This can be a valuable approach to gathering information about where to focus your innovation efforts.\u00a0\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Assess and adjust <\/h3>\n\n\n\n<p>The best strategy plans are always flexible. Take time to assess the effectiveness of your innovation strategy by <a href=\"https:\/\/blog.planview.com\/3-ways-to-cultivate-employee-engagement-through-crowdsourcing\/\" target=\"_blank\" rel=\"noreferrer noopener\">crowdsourcing among employees<\/a>. This step can provide you with a sustainable feedback loop to gauge the validity of your plan and adapt it as necessary.\u00a0<\/p>\n\n\n\n<p>As customer needs and market needs change, be willing to adapt your innovation strategy to better fit reality. <a href=\"https:\/\/www.planview.com\/products-solutions\/products\/spigit\/\" target=\"_blank\" rel=\"noreferrer noopener\">Continue crowdsourcing for employee input<\/a> and adjust your strategy to meet current needs.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/info.planview.com\/ryan-companies-_case-study_im_en_view.html?_ga=2.244081925.1866543117.1610486299-91243899.1606929635\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"257\" src=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/v.b-planview-ryan-company-cs-Q12020_blog-800x200-1024x257.jpg\" alt=\"\" class=\"wp-image-13102\" srcset=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/v.b-planview-ryan-company-cs-Q12020_blog-800x200-1024x257.jpg 1024w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/v.b-planview-ryan-company-cs-Q12020_blog-800x200-300x75.jpg 300w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/v.b-planview-ryan-company-cs-Q12020_blog-800x200-768x192.jpg 768w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/v.b-planview-ryan-company-cs-Q12020_blog-800x200-750x188.jpg 750w, https:\/\/blog.planview.com\/wp-content\/uploads\/2020\/03\/v.b-planview-ryan-company-cs-Q12020_blog-800x200.jpg 1668w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Innovation_strategy_examples\"><\/span>Innovation strategy examples&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Apple<\/h3>\n\n\n\n<p>Apple builds innovations by acquiring startups and partnering with other companies to develop new products, such as a partnership with Volkswagen to produce driverless shuttle vans for employees. The company also has an internal accelerator that leverages Apple employees to push forward new research projects, such as Titan, an electric car project.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Corning<\/h3>\n\n\n\n<p>For almost 200 years, Corning has repeatedly introduced new innovations and transformed its business model. It continues to succeed by investing in ongoing research at its R&amp;D laboratory, where researchers from diverse disciplinary backgrounds can collaborate, applying science to industrial problems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Polaris<\/h3>\n\n\n\n<p><a href=\"https:\/\/info.planview.com\/rs\/456-QCH-520\/images\/Planview-Spigit-Polaris-CS912LTREN.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Polaris<\/a> implemented an automated system for crowdsourcing new ideas from employees, making the process of ideation to execution 80 percent faster. The crowdsourcing innovation initiative has resulted in four cutting-edge vehicles, such as the Polaris Slingshot, that are all bestsellers and award winners in the ATV market.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Amazon<\/h3>\n\n\n\n<p>In addition to an innovation lab that creates new hardware devices such as the Kindle and Echo, Amazon also encourages all employees to pitch innovative ideas. For example, an employee spontaneously pitched the idea for Amazon Prime in a memo, and leaders provided internal funding to make it happen.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Google<\/h3>\n\n\n\n<p>Google offers innovation classes for employees and runs an R&amp;D facility that has launched products like self-driving cars and Google Glass. But the company also looks to bring in innovations from external sources, with GV, its own venture capital fund for innovative startups, and an incubator for promising entrepreneurs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Realize_the_results_of_your_innovation_strategy\"><\/span>Realize the results of your innovation strategy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Brand-name companies aren\u2019t the only ones who can benefit from an effective innovation strategy. Businesses at every stage can more effectively accomplish future growth by developing an innovation strategy that fits their unique goals and competencies.\u00a0<a href=\"https:\/\/info.planview.com\/rs\/456-QCH-520\/images\/Planview-Spigit-Polaris-CS912LTREN.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Learn more<\/a> about how an effective strategy can help a business realize the ongoing rewards of innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An innovation strategy is a common innovation mission and a detailed plan that aims to create new value, for which customers are willing to pay. It includes a set of policies or behaviors geared toward achieving future organizational growth. The most innovative businesses understand that big, new ideas don\u2019t just happen. Instead, innovations arise out&#8230;<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[1],"tags":[],"class_list":["post-14755","post","type-post","status-publish","format-standard","hentry","category-innovation-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is Innovation Strategy? - Planview Blog<\/title>\n<meta name=\"description\" content=\"Discover four types of innovation strategy, four steps for developing an innovation strategy, and five examples of exceptional innovation in today&#039;s market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Innovation Strategy?\" \/>\n<meta property=\"og:description\" content=\"Discover four types of innovation strategy, four steps for developing an innovation strategy, and five examples of exceptional innovation in today&#039;s market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"Planview Blog\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/Planview-Inc\/89422974772\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-14T12:17:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-1024x576.jpg\" \/>\n<meta name=\"author\" content=\"Alex Elkins\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Planview\" \/>\n<meta name=\"twitter:site\" content=\"@Planview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alex Elkins\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/\"},\"author\":{\"name\":\"Alex Elkins\",\"@id\":\"https:\/\/blog.planview.com\/#\/schema\/person\/d180e685cb7d932216912ce03794020c\"},\"headline\":\"What is Innovation Strategy?\",\"datePublished\":\"2021-01-14T12:17:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/\"},\"wordCount\":1096,\"publisher\":{\"@id\":\"https:\/\/blog.planview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blog.planview.com\/wp-content\/uploads\/2021\/01\/innovation-strategy-cropped-1024x576.jpg\",\"articleSection\":[\"Innovation Management\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/\",\"url\":\"https:\/\/blog.planview.com\/what-is-innovation-strategy\/\",\"name\":\"What is Innovation Strategy? 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