{"id":98905,"date":"2023-04-26T12:22:23","date_gmt":"2023-04-26T16:22:23","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=98905"},"modified":"2023-04-26T12:22:25","modified_gmt":"2023-04-26T16:22:25","slug":"innovation-strategy-in-business","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/innovation-strategy-in-business\/","title":{"rendered":"How to Create an Innovation Strategy in Business + Example"},"content":{"rendered":"\n

Why do most innovation projects fail<\/a>? How can you increase the chances of your innovation project succeeding??<\/p>\n\n\n\n

According to Larry Keeley, the author of Ten Types of Innovation<\/em>, most innovation projects often fail because they don\u2019t have a well-defined scope or clear objectives. In Keeley’s experience, assigning a team to figure out an innovation strategy in business with well-defined goals generates beneficial innovations for your company.<\/p>\n\n\n\n

Here’s how to create an innovation strategy with a clear direction and a high chance of success<\/a>. <\/p>\n\n\n\n\n\n\n\n

Visualize Your Industry to Identify Opportunities<\/strong><\/h2>\n\n\n\n

Before you dive into an innovation project, you need an objective. You may not know how<\/em> to achieve your goal yet\u2014figuring that out is the purpose of the project\u2014but you should know what<\/em> you want to achieve and how it will benefit your company. <\/p>\n\n\n\n

How do you come up with this initial vision? The authors say you need to analyze your industry to determine where the real opportunities are. Usually, there are industry trends<\/a> that lead most firms to focus on a few specific types of innovation at any given time. But the greatest opportunities usually lie in innovating where nobody else is<\/em>.<\/p>\n\n\n\n

So ask yourself\u2014or experts in your industry, for that matter\u2014what the current trends are. What are the driving factors behind those trends? Who are the industry leaders that are currently exploiting them?  <\/p>\n\n\n\n

Once you\u2019ve answered these questions, then ask yourself what you could do to change the driving factors in a way that gives you control. Are there types of innovation that nobody is applying? Are there problems or pain points that the industry currently ignores? Have there been transformations in other industries that nobody has implemented in your industry yet?<\/p>\n\n\n\n

As you do your research, the authors recommend constructing a 3D graph showing the amount of each of the ten types of innovation that\u2019s taken place in your industry over time. Such graphs can help you visualize industry trends in innovation and see at a glance what types of innovation are absent.<\/p>\n\n\n\n

Choosing Your Direction With Blue Ocean Strategy<\/h3>\n\n\n\n

Blue Ocean Strategy<\/em><\/a> prescribes a similar approach that provides additional perspective and tools you can use to implement Keeley\u2019s advice as you formulate your goals and overall innovation strategy in business. Much like Keeley, the authors of Blue Ocean Strategy<\/em> recommend focusing on the areas where there are opportunities to create value for the user that no one else is taking advantage of. This creates a greater opportunity for profitable growth than competing head-to-head with other companies in areas where they\u2019re already active.<\/p>\n\n\n\n

One particularly useful graphical tool<\/a> that the authors of Blue Ocean Strategy<\/em> introduce for identifying areas of opportunity is the \u201cstrategy chart\u201d or \u201cstrategy canvas.\u201d This tool helps you see what areas other products or companies are focusing on and what areas they\u2019re neglecting. It\u2019s similar to Keeley\u2019s recommended 3D graph but arguably clearer. Here\u2019s an example of a strategy chart:<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

To create a strategy chart, list the defining characteristics of products in your industry at regular intervals on the horizontal axis and record how well each one is currently addressed in each competing option by marking a dot on the graph. Then connect all the dots that represent the same option, creating a profile curve for that option. The shape of the curves shows you at a glance how similar or differentiated different products are. For example, on the strategy canvas<\/a>, Product X and Product Y are clearly very similar offerings.  <\/p>\n\n\n\n

If you’re analyzing products against the ten types of innovation, you could make a strategy chart using the ten types of innovation as the factors listed on the graph. Or you could just determine what types of innovation influence each of the factors and group factors affected by the same type next to each other. Either way, the shape of the curves would then show which types of innovation each product focuses on.<\/p>\n","protected":false},"excerpt":{"rendered":"

Why do most innovation projects fail? How can you increase the chances of your innovation project succeeding?? According to Larry Keeley, the author of Ten Types of Innovation, most innovation projects often fail because they don\u2019t have a well-defined scope or clear objectives. In Keeley’s experience, assigning a team to figure out an innovation strategy in business with well-defined goals generates beneficial innovations for your company. Here’s how to create an innovation strategy with a clear direction and a high chance of success.<\/p>\n","protected":false},"author":14,"featured_media":44325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,30],"tags":[977],"class_list":["post-98905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-work","tag-ten-types-of-innovation","","tg-column-two"],"yoast_head":"\nHow to Create an Innovation Strategy in Business + Example - Shortform Books<\/title>\n<meta name=\"description\" content=\"An innovation strategy in business guarantees creativity and success. 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