Organisations rely on luck and random moments of creativity to foster innovation. Others take an unstructured, ad hoc approach, which often results in only incremental improvements.
Startups, SMEs and big corporations, creating a strategic innovation framework has to be a systematic approach, focused on generating beyond the breakthrough, incremental or gapping innovations. Innovation becomes strategic when its part of your business model, repeatable process that creates a significant difference in the value delivered to your clients, the board, employees and the organisation as a whole.
Using the five-step framework below we can help your company build a strategic innovation initiative. One that generates a portfolio of breakthrough business growth opportunities.
STEP 1: Strategy
Develop a robust innovation strategy that provides you with tangible outcomes and that drives revenue: What is your short and long-term vision? What are the key elements of your innovation strategy? Who are the key stakeholders? How do you define success and what does it look like?
STEP 2: Exploration
Discover startups, business models, and technologies that have the highest impact on your corporation's long-term growth: Which technologies will disrupt your business in the next 3-5 years? What are the future social and economic factors that will affect your business? What top product or service aligns with your corporate's strategy? What product/service from your innovation portfolio should you move forward with?
STEP 3: Validation
Minimum viable product (MVP). Plan for integration across the business, operations and technical teams. In this phase, we: Will identify an approach that complements your business strategy and objectives. Research new technology would work with your organisation's current tech stack, operations/logistics infrastructure and business model.
STEP 4: Execution & Finance
An idea is nothing without execution. We walk your organisation through any and all partnership and investment opportunities with startups to ensure success for all: How you structure a partnership. How to position yourself for investor readiness and innovation grants.
STEP 5: Future Proof
All products and services have a burn rate, innovation is the key to remaining relevant to customers. But many companies fail to do so quickly enough: Identify future trends that’ll impact your industry. Build an innovation portfolio. Build an ecosystem of ideas and a culture of innovation.
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