What Are the Key Components of an Innovation Strategy?
A robust innovation strategy typically includes the following components:
Vision and Goals: Clear articulation of the company’s vision and specific innovation goals. Resource Allocation: Allocating resources such as time, budget, and talent to innovation initiatives. Processes and Tools: Implementing processes and tools that enable idea generation, evaluation, and implementation. Metrics and KPIs: Defining metrics and KPIs to measure the success of innovation efforts.