adaptations that serves or appears to serve an important function in achieving
evolutionary success.' So, it is obvious why innovation needs strategy in order
to reach the successful outcome it wants. Strategy and innovation can, and
should, work together in a virtuous cycle ' strategic direction guides the
search for ideas, and the patterns in our ideas inform and shape the evolution
of strategic direction.
differentiation in order to maintain distance from the nearest competitor. But,
next generation competitive advantage will be delivered not necessarily by
'what' an organization does but more likely by 'how' it does it and that means
capitalizing on innovation in order to define new areas of opportunity instead
of competing to be 'better' in existing ones.
principal consultant at SmartOrg, to
discuss the role of innovation strategy these
days and just how critical it has become for businesses to grow. SmartOrg is a
provider of software and services to help companies evaluate their
opportunities and make the best decisions to invest.
give customers what they needed to improve their capability around strategic
decision-making. Since then, SmartOrg has combined decades of experience
with rigorous decision analysis and psychology into set of approaches and
enabling software that helps organizations build better decision processes.
face some big hurtles, according to Creswell, Specifically, there tends to be a
lack of consistent process or a too rigid a process; along with the
inability to tolerate failure.
ideation and into development and most innovation, particularly new products,
has a very high failure rate,' he explained. 'Betting on one horse as opposed
to managing an innovation portfolio to balance risk vs. reward, acknowledging
that innovation is a risky business and you need to play the odds.'
measures on an innovation too early in the process. When developing a strategy,
you need to be flexible, develop a set of 'proof points' along the development
path and be willing to change direction early on.
creative thinking in order to foster a healthy internal innovation culture.
'Reward both success and failure. Do not saddle new ideas with all the
burdens of corporate overhead. Treat innovative products as you would a new
venture. Seek innovators with a passion and give them room to move forward,' he
innovation strategy space as companies like HP and Dow Agroscience use its
services to take early stage ideas and develop them into winning
businesses. But, even with SmartOrg's great success strategizing for
others, it has overcame big obstacles in its own innovation strategy.
to a rigid process. People are innovators, not corporations,' Creswell said.
innovation strategy. Creswell advises not to hire a VP of Innovation and expect
fast results; encourage everyone to put forth ideas for improvement; provide
those with implementable ideas (not just creative thoughts); and use agile
development methodologies to monitor success.
team in just a couple of weeks at BEI Back End
of Innovation in Santa Clara, California November 18-20th. Learn
more about BEI 2013 here: http://bit.ly/1b7s5I5
Amanda Ciccatelli, Social Media Strategist of the Marketing Division at IIR USA, has a background in digital and
print journalism, covering a variety of topics in business strategy, marketing,
and technology. Amanda is the Editor at Large for several of IIR's blogs
including Next Big Design, Customers 1st, and ProjectWorld and World Congress for Business
Analysts, and a regular contributor to Front End of Innovation and The Market Research Event,.
She previously worked at Technology Marketing Corporation as a Web Editor where
she covered breaking news and feature stories in the technology industry. She
can be reached at firstname.lastname@example.org. Follow her at @AmandaCicc.