INNOVATION STRATEGY

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Strategy Innovation is about challenging existing industry methods of creating customer value in order to meet newly emerging customer needs, add additional value and create new markets and new customer groups for the sponsoring company.

• How To Implement Innovation Strategy In An Organization

Ø Broaden the organizations vision.

Ø Scan and monitor the source of innovation opportunity.

Ø Create a personal future-scan system.

Ø Integrate future-scanning with the organizations idea management system.

Ø Strategize the organizations’ place in the first mover and fast follower race.

Factors On Which Innovation Strategies Of An Organization Depends

Ø Govt. support and policies for technology and innovation

Ø Risk taking abilities of the organization

Ø Risk taking attitude of top management

Ø Organizational goals and policies

Ø Degree of technological changes

Ø Degree of competition

Ø Availability of funds/budgetary support

Age of organization viz. new vs. old organization

INNOVATION

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• Innovation means a first attempt to carry an idea into process.
• It is the process of converting knowledge & ideas into better ways of doing business or into new or improved products & services that are valued by the community.
• The goal of innovation is positive change, to make someone or something better.
• Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.