In too many companies, an innovation team is allowed to pursue its own agenda and imagine itself to be a separate island from the rest of the company. The results are always disappointing: a lot of creative ideas, but a failure to deliver meaningful growth. The root problem is the disconnect between strategy and innovation.
To drive growth, corporate innovation needs to connect to a clear set of strategic priorities and play to the company’s strengths.
To succeed, corporate innovation needs to be bounded by a clear set of strategic priorities that matter to the business. And it needs to play to the strengths of the firm — whether data, customer relationships, or supply chains — that will enable it to outcompete others attempting the same idea. The author offers five steps to help embed strategy into the innovation process.Established companies know they must innovate to find growth in the digital era.
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