In the digital era, established companies are aware that they need to innovate in order to find growth. To pursue disruptive ideas and experiment, these companies have set up innovation labs, accelerators, hackathons, and open innovation programs. However, many companies face the problem of a disconnect between strategy and innovation, resulting in disappointing outcomes. To address this issue, corporate innovation needs to be guided by a clear set of strategic priorities that align with the company’s strengths, such as data, customer relationships, or supply chains. The author suggests five steps to embed strategy into the innovation process.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Companies setting up innovation labs and programs | Shift in corporate culture | Increased focus on innovation and experimentation | Need for growth in the digital era |
| The need for innovation to connect with strategic priorities | Alignment of innovation and strategy | Innovation process aligned with company goals | Driving growth and competitiveness |
| Disconnect between strategy and innovation | Disconnect between departments | Strategy embedded into innovation process | Lack of meaningful growth |
| Importance of playing to the company’s strengths | Focusing on competitive advantage | Leveraging strengths to outcompete others | Delivering successful innovation |
| Online leadership training focused on innovation and creativity | Development of skills and mindset | Increased ability to drive innovation | Developing curiosity and risk-taking |