Our experience designing and running strategic innovation projects for organisations has proven that innovation strategy development is a collaborative process involving the senior leadership team.

In our recent Innovation Research Study, we identified the biggest innovation challenge and priority for organisations as creating value from their innovation efforts.

A critical question for organisations is where should you strategically allocate your innovation efforts?

Achieving the right balance across all three types of innovations is essential for long term sustainability.

• Incremental Innovation - improving existing products/services
• Adjacent Innovation - expanding existing products, services and expertise into new spaces
• Transformation Innovation - entirely new products, services and business models

The innovation vision is a concise statement which defines what the innovation will achieve for the organisation. It is realistic and easy to understand and remember.

This phase:

•  Understands the innovation opportunities, capability, culture and the role of innovation for the organisation.
  

• Benchmarks the organisation's innovation capability to identify the strongest and weakest areas, and options for developing innovation capability that delivers results. Reference https://www.chasegroup.com.au/innovation-capability-benchmark-tool
  

• Defines innovation for the organisation.
  

• Develops the vision for innovation.

The innovation strategy is the set of choices we make about how we allocate resources, develop our capability, and align the innovation initiatives to achieve the strategic goals of the organisation.

The phase:

• Evaluates the Innovation Strategy options, including mapping and prioritising the current and future innovation activities.

• Develops the 3 to 5-year innovation strategy.