Developing a Strategy

...what are you going to do, and why are you choosing that option over others?

An innovation strategy requires three key elements:

• Strategic analysis: what could you do, and why would that make a difference?
• Strategic decision-making: what are you going to do, and why are you choosing that option over others?
• Strategic action: how can you make sure the project happens, and support and review it as the innovation takes shape?

Some of the most important innovation decisions are not about starting projects, but scrapping those which looked good at the outset but which then failed to develop as expected.

ACTION POINT: Make sure all your decisions have sound strategic backing in line with the wide aims of the organization.