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New Product Development - Innovation Strategy |
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Page 1 of 7
An Innovation Strategy is one which seeks to create, exchange, evolve, and apply new ideas, and thereby produce goods and services which it is hoped will contribute to the success of an organisation.
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The Stage
Innovation is the engine of growth in today's marketplace. The pressures to innovate are unrelenting and the contribution to total sales revenue derived from new products will increase significantly over the next decade. This of course is driving the need for organisations to develop strong innovation strategies and to budget for adequate Research & Design (R&D) spending. However there is a certain amount of inertia associated with making the changes required because managers are often biased towards maintaining the status quo. They face the choice of working within the existing processes to gain incremental improvements, or, to restructure organisations and invest in new products and services and employ disruptive innovation strategies. For the survival of many organisations it is becoming crucial to break through this tension, because without sound innovation strategies in place many organisations are doomed to decay.
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