innovation strategy
Plan for breakthroughs
An innovation strategy is a plan that guides how an organization will develop and implement new ideas, products, or processes to achieve competitive advantage.
It typically addresses which types of innovation to pursue, how resources will be allocated, and how new developments align with broader business goals.
Companies may adopt different approaches—some focus on incremental improvements to existing offerings, while others pursue disruptive technologies that create entirely new markets.
The startup's innovation strategy emphasized rapid prototyping and customer feedback.
- creative destructionInnovation displacing the obsolete
- disruptive technologyInnovation that displaces incumbents
- first mover advantageBenefit from entering early
- prototypingMaking preliminary models
- minimum viable productSimplest testable market offering
brainstorming · blue sky thinking · ideation · agile methodology · corporate culture · skunk works · competitive advantage · design thinking · fail fast · pivot · growth hacking · change management · resource allocation · intrapreneurship · risk assessment · bleeding edge · operational efficiency · portfolio management
- managementmanagers, management, executives, boss, supervisors
- research policyresearch funding, science policy, research ethics, grant funding, federal funding
innovation strategystatus quo
Existing condition of affairs
business as usual · maintenance mode · conservatism · stagnation · inertia
innovation strategydefensive strategy
Plan focused on prevention
replication · risk aversion · playing it safe · retrenchment · loss prevention