Innovation Strategy

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.
• But this plan is a living, long-term plan, so it needs to be adapted as we integrate learning or achieve specific milestones.