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Developing an Innovation Strategy

Kuczmarski Innovation works with senior leaders and innovation team managers to develop the strategic roadmap to guide your innovation strategy. We conduct what we call a Diagnostic Assessment through a series of management interviews, roundtable discussions, surveys, and past performance analysis. Using this we are able to determine both current innovation capabilities and barriers to overcome.

Diagnostic Assessment

A Diagnostic Assessment is used to develop a perfectly tailored Innovation Strategy that describes what will work best for your company or organization. By identifying the underlying factors that contribute to a company’s past innovation performance, clients can begin to answer important strategic questions about innovation. Should the company be developing new products or focusing on other growth routes likes acquisitions or joint ventures? What are the roles the new innovations will play for the company’s overall growth strategy?

4 Components of Innovation Strategy:

1. Innovation Vision

Think of this as your mission statement to describe what you want to achieve beyond your existing business and how to shape the strategic outlook and overall product portfolio for years to come.

2. Financial Growth Gap

The revenue generated by new products or services verses planned revenue is what KI calls the “Financial Growth Gap.” By computing the Financial Growth Gap, innovation leaders will have firm goals on which to base their innovation successes now and in the future.

3. Strategic Roles

These roles define how innovation contributes both to the vision and the overall strategy. How does this new product serve and support existing and desired new businesses?

4. Screening Criteria

These are the filters, or minimum thresholds, that a new product, service, or business model must pass to help prioritize and categorize opportunities at different stages of the innovation process.