Strategic Innovation

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A Framework for Strategic Innovation

A Framework for

Strategic Innovation
Blending strategy and creative exploration to discover future business opportunities ______________________________ by

Derrick Palmer & Soren Kaplan
Managing Principals, InnovationPoint LLC

© 2007 InnovationPoint

www.innovation-point.com

Page 1

A Framework for Strategic Innovation

Table of Contents

1.
1.1. 1.2.

THE ART AND DISCIPLINE OF STRATEGIC INNOVATION ............. 3 Traditional strategy versus Strategic Innovation ................................................................. 4 Serendipitous versus Strategic Innovation............................................................................ 4

2.
2.1.

THE SEVEN DIMENSIONS OF STRATEGIC INNOVATION............... 5 A Managed Innovation Process – Combining Non-Traditional and Traditional Approaches to Business Strategy ........................................................................................... 7 2.1.1. Divergent and Convergent thinking................................................................................... 7

2.2. Strategic Alignment – Building Support ............................................................................... 8 2.2.1. Internal Alignment............................................................................................................. 9 2.2.2. External Alignment............................................................................................................ 9 2.2.3. Participants in the Strategic Innovation process .............................................................. 10 2.3. Industry Foresight – Understanding Emerging Trends..................................................... 10 2.3.1. Looking beyond the obvious............................................................................................ 11 2.4. 2.5. 2.6. Consumer/Customer Insight – Understanding Articulated and Unarticulated Needs ... 12 Core Technologies and Competencies – Leveraging and Extending Corporate Assets .. 13 Organizational Readiness – Assessing The Ability to Take Action................................... 14

2.7. Disciplined Implementation – Managing the Path From Inspiration To Business Impact15 2.7.1. Key considerations for implementing Strategic Innovation initiatives ............................ 15

3.
3.1. 3.2. 3.3.

SUSTAINABLE INNOVATION – BUILDING A FOUNDATION FOR ONGOING COMPETITIVE ADVANTAGE ......................................... 17 The Path to Strategic Innovation ......................................................................................... 18 Innovation Assessment and Benchmarking ........................................................................ 18 End Note................................................................................................................................. 19

4.

MINI-DIAGNOSTIC: DOES YOUR ORGANIZATION PRACTICE STRATEGIC INNOVATION? ............................................................. 20

Page 2

www.innovation-point.com

© 2007 InnovationPoint

A Framework for Strategic Innovation
1. The Art and Discipline of Strategic Innovation

Strategic Innovation is the creation of growth strategies, new product categories, services or business models that change the game and generate significant new value for consumers, customers and the corporation. This paper describes a holistic, multidisciplinary framework that enables organizations to take a strategic approach to innovation. The framework combines non-traditional, creative approaches to business innovation with conventional strategy development models. It brings together perspectives from a number of complementary disciplines: the non-traditional approaches to innovation found in the business creativity movement; traditional strategy consulting; the new product development perspective of industrial design firms; qualitative consumer/customer research;...
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