Changing your company's approach to innovation

Abstract

Purpose

This article aims to offer executives specific guidance on how to tailor a successful innovation strategy to their individual company situation.

Design/methodology/approach

Based on Strategos' experience assisting clients in many industries to develop a core competence at innovation, the firm offers three practical guidelines.

Findings

The article finds that Strategos recommends: start with fresh perspectives; leave behind the old innovation paradigm by challenging three outdated assumptions that constrain innovation efforts; use “innovation architecture” to design your innovation program; map out what you need to do on the three critical dimensions of innovation – the “what”, the “who” and the “how.”; avoid seven pitfalls that can thwart the initiative; and learn from the experience of innovation pioneers as you implement your innovation program.

Research limitations/implications

The article offers numerous case examples and step‐by‐step guidance.

Practical implications

The article identifies seven pitfalls and explains how to avoid them. These are: overly relying on customers to find solutions; generating ideas without new insights; assuming that innovation is about making a few “big bets”; failing to give innovators time, training and tools; confusing “involving many people” with “making it a free for all”; letting a systematic innovation process become bureaucratic; and failing to insist on sufficient involvement from the executive group.

Originality/value

Maps out what companies need to do on the three critical dimensions of innovation – the “what”, the “who” and the “how.”

Citation

Loewe, P. and Chen, G. (2007), "Changing your company's approach to innovation", Strategy & Leadership, Vol. 35 No. 6, pp. 18-26. https://doi.org/10.1108/10878570710833723