The foremost step in the process of designing the innovation strategies requires outlining the targets and goals of the company. To apprehend what the company’s core constitutes of. To realize the type of business they are working in and sketch their strategic plans according to that.
The next step that comprises of implementing the innovation process, calls for a rigorous scan of the market opportunities. The companies should turn to their best and the worst customers. Then they should analyze that percentile of the public that is not attracted to their products at all. The barriers constraining that part of population should be evaluated. And the problems they are facing should act as the blue prints for the innovation process.
In reference to the hindrances and obstacles, ideas are to be generated and an innovation structure is to be built upon them. The structure should define the strategic goals, training programs, internal coaches, and growth boards, while innovative incubators and capital ventures could spread the ideas to a commercial level.
Finally the last step asks for investments in innovative systems. A number of myriad systems consist of: Portfolio planning mechanisms, facilitating critical resource-allocation decisions, market insight processes human resource policies, innovation-friendly measurement systems and many more.
The author of the article provides meticulous arguments in relation to innovation and its strategies. He also provided detailed information about the all the structures and different systems that entail investments. He is also able to bring consistency to the article, to an extent in the way he carries out the whole innovation process step-by-step and how he outlines the path of innovation by dividing it into four steps and explaining them fully. Also he gives examples of companies