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Crafting a winning innovation strategy

Crafting a winning innovation strategy PurposeThis paper aims to identify the innovation strategies of the most successful organizations and demonstrate how business organizations can outperform their rivals.Design/methodology/approachThis paper is based on a review of “How successful organizations drive innovation” by Ikeda and Marshall (2016).FindingsTop performing organizations create organizational structures and functions to sustain innovation, create a culture of innovation and design processes to create innovation. To sustain innovation, organizations create a balance between innovation objectives and business objectives, adopt open innovation and form dedicated innovation teams. Organizations create a culture of innovation through a clear focus on innovation, agility and promoting an innovation culture. Finally, successful organizations design processes to create innovation, adopting strategies of generating new ideas from various sources, ensuring stable and secure innovation funding and deploying explicit innovation measurement.Practical implicationsThe paper provides strategic insights and clear steps for all organizations to succeed in their innovation ventures.Originality/valueBased on the review, this paper illustrates how existing and prospective companies gain a competitive edge in innovation through organizational structures, culture and processes. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategic Direction Emerald Publishing

Crafting a winning innovation strategy

Strategic Direction , Volume 33 (3): 4 – Mar 13, 2017

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0258-0543
DOI
10.1108/SD-11-2016-0151
Publisher site
See Article on Publisher Site

Abstract

PurposeThis paper aims to identify the innovation strategies of the most successful organizations and demonstrate how business organizations can outperform their rivals.Design/methodology/approachThis paper is based on a review of “How successful organizations drive innovation” by Ikeda and Marshall (2016).FindingsTop performing organizations create organizational structures and functions to sustain innovation, create a culture of innovation and design processes to create innovation. To sustain innovation, organizations create a balance between innovation objectives and business objectives, adopt open innovation and form dedicated innovation teams. Organizations create a culture of innovation through a clear focus on innovation, agility and promoting an innovation culture. Finally, successful organizations design processes to create innovation, adopting strategies of generating new ideas from various sources, ensuring stable and secure innovation funding and deploying explicit innovation measurement.Practical implicationsThe paper provides strategic insights and clear steps for all organizations to succeed in their innovation ventures.Originality/valueBased on the review, this paper illustrates how existing and prospective companies gain a competitive edge in innovation through organizational structures, culture and processes.

Journal

Strategic DirectionEmerald Publishing

Published: Mar 13, 2017

References