Many companies recognise the importance of innovation in developing R&I projects and activities, but some find it challenging to develop the most efficient strategy, processes and organisational and financial resources. This priority of integrating innovation into a company’s management must also be combined with other relevant currents of change (digital transformation, social impact…).
An appropriate innovation strategy allows for these transformational challenges to be addressed in a coordinated and effective manner, from an integrated perspective. It is the link between the definition and development of new products or services and a company’s overall business strategy. With the appropriate innovation strategy, a company can integrate, into its business strategy, all the elements necessary to bring new products or services forward on the market.
What does an Innovation Strategy entail?
We have a team of experts in Innovation Strategy, led by Guillermo Dorronsoro, Management Board Advisor at Zabala Innovation, who can help make the link between “Strategy” and “Innovation.”
Here are some tips on how to elaborate an effective innovation strategy:
- Develop a long-term plan: consider the need to change the way planning is done, combining elements of “deliberate strategy” (the classic plans) with elements of “emergent strategy.” In this second scheme, it is assumed that priorities will emerge and develop as the organisation moves forward.
- Improve the company’s competitiveness: the objective of an innovation strategy, when embedded in the business plan, is to stimulate competitiveness.
- Implement the plan, with a broad perspective of the external market, and adapt it so that it is coherent with changes in the ecosystems.
Years of practical experience in business innovation consulting
Year of approval of the latest version of the Oslo handbook
ISO 56000 approval year (Innovation Management)
Of companies find it difficult to prioritise innovation (INE 2019)
1. Open Innovation
Connect with the innovation ecosystem (Open Innovation).
Understand the trends that will affect your business and react proactively.
Move from concepts to practical implementation, connecting R&I and business.
Exercise resilient leadership, maintaining your organisation's purpose in a changing context.
“Innovation is a key tool to overcome this crisis, it is a question of strategy. Does your organisation embrace 'change' naturally and systematically? That is the differentiator, the real mechanism of value creation.”
Management Board Advisor / Executive Committee
The simplest thing to do is to ask yourself if you identify with these statements:
- “We don’t have a strategic plan/business plan.”
- “We want to better organise R&D in the company, it is not very clear how it fits in the organisation.”
- “We find it difficult to connect our R&D activity with the strategy, the rest of the departments and/or the business units.”
- “We have a different culture, we speak a different language, our rhythms don’t correspond.”
- “I don’t have internal resources to carry out R&D projects or innovation activities.” / “Management doesn’t have time to discuss it with me.”
- “I don’t know which projects I could present to public calls for proposals, can you help me?”
- “In this company, the only people who are concerned about innovation are in the R&D department.” / “We do not have a culture of innovation.”
- “We want to improve the efficiency of the company’s activities.” / “We want to improve the efficiency of our R&D activities but we don’t know where to start.”
If so, your organisation could greatly benefit from an Innovation Strategy. Contact ZABALA Innovation for guidance and help in defining your organisation’s strategy.
ISO 56000, Innovation management is the fourth in an eight-part series of standards and other guidance documents, designed to help organisations use the correct terminology for innovation management and consistently communicate about their processes, achievements and learning paths.
It provides the vocabulary, concepts and fundamental principles of innovation management, and is useful for organisations that want to make their innovation management activities visible and credible.