An innovation strategy in business is defined as a commitment to a common innovation mission and a structured set of activities designed to support the future growth of an organization. No two innovation strategies are the same. But they should all, at the very least, outline the goal of an organization’s innovation activities and define the key initiatives that will help it achieve that goal. Good innovation strategies are simple, clear, and easily understood by everybody involved. To determine what already works well and what needs further improvement, you will first need to audit the effectiveness of your current innovation capabilities and identify areas for improvement. An innovation audit is a way to go. Use the innovation landscape tool to determine the innovation types you are aiming for now and in the future. The 3 horizons of the model tool allow you to explore and define time-based growth expectations. Use it to indicate and communicate when the return on your innovation (ROI) will materialize. Use the innovation mission map to outline where you want to go and why. Analyse key internal and external drivers influencing your innovation strategy. Innovating corporate strategies could include the following considerations – what services or products need to be reinvented or developed; what markets to compete in; what business models to develop; how to optimize business processes; how to expand the customer base; how to position the company’s brand in relation to target customers; how to make the supply chain and value chain more efficient; and go-to-market strategy. Although strategic innovation initiatives are led by senior leaders, they need to foster a culture of innovation that encourages collaboration across business teams and functions. Innovation strategies can be classified as active, proactive, reactive, and passive. Companies with proactive innovation strategies tend to have strong research orientation and first-mover advantage to be a technology market leader. Active innovation includes defending existing markets and technologies while being prepared to respond quickly once technologies and markets are proven. The reactive innovation strategy is used by companies to take a wait-and-see approach and look for low-risk opportunities. Companies with passive innovation strategies wait until their customers demand a change in their services or products.
The Innovation Strategy template consists of five slides, each with all the resources you need to build a professional presentation. This template will be primarily useful for innovative companies. You can use the slides of this template to prepare for your meeting with investors and business angels. Also, this template will be useful for startups and investment companies that work in the field of innovation. This template can be used by product managers and team leaders to present the company strategy to their team. Also, this template can be used by business trainers when preparing a course on the development of an innovative strategy. The Innovation Strategy template will take its rightful place in your professional presentation collection.