Changing your company's approach to innovation

ISSN： 1087-8572

Source： Strategy and Leadership, Vol.35, Iss.6, 2007-11, pp. : 18-26

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Abstract

Purpose ‐ This article aims to offer executives specific guidance on how to tailor a successful innovation strategy to their individual company situation. Design/methodology/approach ‐ Based on Strategos' experience assisting clients in many industries to develop a core competence at innovation, the firm offers three practical guidelines. Findings ‐ The article finds that Strategos recommends: start with fresh perspectives; leave behind the old innovation paradigm by challenging three outdated assumptions that constrain innovation efforts; use "innovation architecture" to design your innovation program; map out what you need to do on the three critical dimensions of innovation ‐ the "what", the "who" and the "how."; avoid seven pitfalls that can thwart the initiative; and learn from the experience of innovation pioneers as you implement your innovation program. Research limitations/implications ‐ The article offers numerous case examples and step-by-step guidance. Practical implications ‐ The article identifies seven pitfalls and explains how to avoid them. These are: overly relying on customers to find solutions; generating ideas without new insights; assuming that innovation is about making a few "big bets"; failing to give innovators time, training and tools; confusing "involving many people" with "making it a free for all"; letting a systematic innovation process become bureaucratic; and failing to insist on sufficient involvement from the executive group. Originality/value ‐ Maps out what companies need to do on the three critical dimensions of innovation ‐ the "what", the "who" and the "how."