Key Elements of an Innovation Management Strategy

Building a solid innovation management strategy involves addressing several core elements:

Culture & Leadership: Cultivating an innovation-friendly culture where people are empowered to experiment, take risks and even fail fast is critical. Leadership sets the tone and must champion innovation.

Ideation: Implementing internal and external ideation processes to generate a steady stream of new ideas from employees, customers and partners. This includes innovation competitions, hackathons and more.

Idea Screening & Selection: Instituting project selection criteria and funnel processes to objectively evaluate ideas based on feasibility, viability and alignment with strategy. Only the best initiatives move forward.

Resource Allocation: Dedicated innovation teams and budgets are required to nurture ideas through development and launch. Cross-functional collaboration is also important.

Development & Testing: Agile development methodologies help refine concepts through rapid iteration and testing with target users/customers. Minimum Viable Products are key.

Commercialization: Strategies are needed to successfully launch innovations to market, whether through traditional product management, start-up incubation or other routes.

Measurement: Metrics must track outputs, outcomes and impacts to ensure strategic goals are met and validate investment decisions.

Managing Innovation Portfolios

Leading companies view Innovation Management as the cultivation and balancing of diverse innovation "portfolios." These portfolios include a mix of:

Incremental Innovations: Small improvements to existing offerings focused on near-term opportunities. Low-risk but build momentum.

Breakthrough Innovations: Potentially game-changing innovations with longer timeframes but higher risks and rewards if successful.

Sustaining Innovations: Reinventions that breathe new life into mature products and services to revitalize revenue streams.

Open Innovation: Leveraging external partners, start-ups, academia through collaborations, partnerships, M&A and more.

Managing these different types of innovation initiatives together as a portfolio allows for prudent risk-taking while sustaining competitive advantage. Resource allocation is dynamically adjusted between portfolios based on strategic priorities and market dynamics.

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