You Need an Innovation

Strategy

ABHIJEET BOSE 17PGDM071

ANIRBAN BANERJEE 17PGDM080
ARPITA BASU 17PGDM085
GOURAV GUHA 17PGDM090
NABARUN GHOSH 17PGDM101
NILANKUR SAHA 17PGDM105
RUMKI SARKAR 17PGDM116
Why they failed?

Innovation not focused on core competencies

Not enough value creation for the customers
Absence of alignment among various divisions
No clear objectives or priorities
No clearly defined Innovation Strategy
Innovation Strategy

What is an Innovation Strategy?

Strategy focused on a coherent set of interdependent processes and

structures that dictates how the company searches for novel problems and
solutions, synthesizes ideas into a business concept and product designs, and
selects which projects get funded.
Why we need one?

Aligning different divisions in an organization

Clearly specifying the objectives
Focusing on the defined objectives
Searching for new solutions
Transforming ideas and concepts into viable products, services or business
models
Choosing the right project for investment
How to create an Innovation
Strategy?

The steps: -
Creating value for the customers
Capturing a share of the values
Choosing the correct type of innovation
Resource allocation
Value Creation

For an innovation to create value, it must cause the customer to pay more,
save the customer money or provide some larger societal benefit.
Choosing the right kind of value and then sticking to that is critical, because
the capabilities required for each are quite different and take time to
accumulate
It is better if a the company chooses a value that is consistent with its core
competencies.
Capturing the value

Value-creating innovations attract imitators as quickly as they attract

customers.
Entry of imitators can reduce the actual value created by the innovating
organization
Complimentary assets, capabilities, products, or services that could
prevent customers from switching should be identified
Companies should keep on investing in innovations
Type of Innovation
Managing Trade-Offs

Trade-off is a balance between two desirable yet incompatible features

which is achieved by compromise
Identify the practices that are a good fit to the organization and the
innovation
Two approaches to innovation Demand Pull and Supply Push
Demand Pull: - Finding customers challenging problems and then figuring
out how innovation of existing products or services can solve them
Supply Push: - Developing technology and then finding or creating a
market for them
The Role of Leadership

Senior leaders or the top management in an organization should be

entrusted with the work of creating and implementing an innovation
strategy
They need to make sure that all the departments are in sync with the
innovation process
Only they can implement a mojar organization wide innovation