Lead
Innovation Strategy
Choosing where innovation should create value, and how exploration will be funded and judged.
What is Innovation Strategy?
Choosing where innovation should create value, and how exploration will be funded and judged.
What you learn
An innovation strategy must say no to some good ideas.
When it helps
you are choosing which new areas to explore and how to fund learning before their business value is clear.
Use it at work
- State where you want innovation to create value.
- Decline proposals outside that, even good ones.
- Fund the rest in stages, each with a learning goal.
- Judge early bets on what they learn, not on revenue.
Your output
Write down which proposals your innovation strategy would decline, and what it funds you to investigate.
Watch for
Funding every promising proposal under the same rules.
Related practices
Sources
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