When undertaking an innovation audit, the auditor often looks at five principal areas, the first of which is around the innovation strategy. This article looks at innovation strategies and why they are important. When undertaking innovation, all to often companies get their people together and tell them that they are going to be innovative. What they often fail to do is to give their people guidance as to what areas they wish to be innovative in, and how this relates to their corporate strategy. Without such a strategy, and without copious amounts of luck, their innovation desires fail.
Companies need to create an innovation strategy. Such a strategy should be prepared taking into account both the corporate strategy and the marketing strategy. All three documents must cross relate and mutually support each other. If they do not, then people within the organisation will not understand where their efforts should be directed and confusion will reign. If they do, there will be a shared common purpose. This strategy should identify and prioritise the needs for innovation, by examining the ‘gap’ between the future as