Week 9: Innovation and Strategic Renewal Do you want to be the most used brand in your field?

Do you
1. Role of Innovation in Strategy want to create the next household staple? Is your customer
satisfaction at the top of your mind?
These core values will determine how your strategy ultimately
What is an Innovation Strategy? takes shape.
To create value for customers, employees, and investors, you *Stormboard has various high-level corporate and team
have to be proactive about new ideas. Knowing exactly how strategy templates to help businesses define goals and weigh
your business will achieve innovation is essential to keeping up different approaches.
with an ever-changing market. That’s where a clearly defined
innovation strategy comes in. 2. Understand the Market
An innovation strategy is a comprehensive plan that sets out
how your business will generate and implement new ideas. It
should include tools, processes, and techniques for taking an
idea from concept to fruition, as well as ways to forecast the
success of an idea.
The best way to develop an effective innovation strategy is by
taking a systematic approach. This means setting measurable
goals, allocating resources, and building feedback loops to
track progress. This way you’ll be able to continue to innovate
again and again.

Benefits of an Innovation Strategy

So many companies that start with huge growth find their
trajectory slowing over time. It seems inevitable in hindsight,
but it can take a business off-guard if they aren’t planning Stormboard Customer Perceptual Map Template
ahead. To innovate, you need to understand what your target market
There are so many benefits to focusing on innovation at all is looking for. This means keeping up with the latest trends and
stages of your company’s development. Growth and having a finger on the pulse of what your customers want.
sustainability are only the beginning. Your market research should include your competition as well.
See what they are doing and figure out how you can do it
better. It’s important to always be aware of what’s happening in
Product Development your industry so that you can adjust your strategy accordingly.
A strong innovation strategy will both improve your existing *Try starting out with exercises such as customer journey
products (and/or services) and help to develop new ones. mapping, buying motivations, or market perception mapping.
When you are constantly improving in this way, your customer
satisfaction will skyrocket, and you’ll find your market share 3. Know How You Will Create Value
continuing to increase.
Businesses with a solid innovation strategy can do this with Innovation should always be focused on creating value for your
way less risk involved because they have a tried and true customers. This value proposition could be a new product or
process. service, a better user experience, or a more efficient process.
This is how you will seize a competitive advantage.
You should focus on making your competition irrelevant to
Optimization of Revenue and Costs your growth by making your business model challenging to
An innovation strategy also allows you to optimize both emulate. Don’t just increase market share, decrease costs to
revenue and costs. With the right tools in place, you can save make it impossible for others to follow in your wake.
money on research and development while still increasing your *Conducting a value differentiation evaluation can be an
top-line growth. insightful exercise for this step.
Whether your innovations lead to lower production costs (such
as using cloud storage or chatbots) or a growing customer base, 4. Find your Fundamental Capabilities
it’s sure to increase your bottom line.
Your company’s capabilities are the foundation for your
innovation strategy. You need to know what you do better than
Provide a Clear Vision and Focus anyone else and use that to inform your decisions. What
Another major benefit is a better decision-making process with processes or technologies can you leverage? How can you
a framework to follow. You can avoid making decisions that create a competitive advantage?
are based on a gut feeling by sticking to the strategy. Instead, Consider your company culture, values, and knowledge. All of
all of your decisions will be driven by data and analytics. these things and more will be a part of your unique strategy.
You’ll also be able to ensure that every department is on the *The popular Strengths, Weaknesses, Opportunities, and
same page as they know exactly what the plan and process will Threats (SWOT) analysis can help you gain a deeper
be going forward. Your employees will get excited about understanding of your organization, product, or approach.
innovation because they can see that you are committed to
investing in their skills and development. 5. Put in Place Your Innovation Techniques and Systems
This leads to improved morale and motivation, which in turn
leads to better performance. Now that you know what you’re working towards and what
tools are at your disposal, it’s time to start designing your
strategy with techniques and systems for success. This will
How to Develop and Implement an Innovation Strategy include the organizational structures, processes, and resources
Creating an innovation strategy may seem like a daunting task, necessary to support innovation.
but it doesn't have to be. By following a few simple steps, you It’s important that everyone in the company understands the
can develop a strategy that will help your business stay ahead importance of innovation and is on board with the strategy.
of the curve and continue to grow. This means creating a culture of innovation and giving
*Stormboard is an innovation-driving tool with templates that employees the freedom to experiment.
can help organizations develop and implement an innovation *Making sure there is an easy way for every team to reference
strategy at every stage. the strategy, share ideas, and stay up to date on progress will
be vital. Invest in innovative office solutions like Stormboard to
promote a more collaborative workforce.
1. Know What You Want
Before you figure out how you’re going to innovate, you need to 6. Continue to Evaluate Your Innovation
know what you are hoping to achieve. This will keep all your
decisions on track and prevent you from spending time and Some innovations will change the landscape of the marketplace
money doing something that will not move your company right away, but others will simply secure your company's place
forward. within it. This is why it’s so important to track your business
Take a look at the long-term goals for your business and innovation.
determine how innovation can help drive them.
You should keep an eye on some essential aspects of introduction of digital music downloads, which have, by far,
innovation. This could be your ability to develop and launch replaced compact discs.
innovations before your competition, your team’s motivation, Clayton Christensen popularized the idea of disruptive
or the scalability of your profit sources. Knowing which areas innovation in the book The Innovator’s Solution, which was a
need work will help you continue to innovate in the right follow-up to The Innovators Dilemma published in 1997.1
direction. Christensen posited that there are two types of technologies
businesses deal with. Sustainable technologies allow a business
to incrementally improve its operations in a predictable
Conclusion timeframe. These technologies and the way they are
Many companies mistakenly believe that innovation is incorporated into a business are primarily designed to allow
something you do after everything else is taken care of — that companies to remain competitive, or at least maintain a status
it’s a luxury to be pursued only when the core business is quo. Disruptive technologies and the way they are
strong and there’s extra cash on hand. integrated—the disruptive innovations—are more difficult to
But in today’s hyper-competitive, global economy, that plan for and potentially more devastating to companies that do
approach is no longer enough. To succeed, companies must not pay enough attention to them.
prioritize innovation and treat it as a discipline that requires The internet has become so ingrained in the modern world that
deliberate effort and attention. the companies that failed to integrate disruptive innovation
If you take the time to make a plan for how your business will into their business models have been pushed aside. Artificial
innovate going forward, you can gain a competitive advantage intelligence (AI) and its potential to learn from employees and
and stay on top. perform their jobs may be a disruptive innovation for the job
Keeping your ultimate goals in mind, staying aware of market market as a whole soon.3
trends, knowing your strengths, and investing in innovative The internet was disruptive because it was not an iteration of
office solutions will ultimately pay off in less risky, more previous technology. It was something new that created unique
profitable innovation. models for making money that never existed before. Of course,
Don’t let your competition take you by surprise. Start working that created losses for other business models.
on a strategy for continued growth now. Ultimately, finding People using smartphones instead of laptops and desktops for
your company’s strengths and planning how you’ll use them to their computing needs, including web browsing and streaming,
your advantage is the easiest recipe for innovative success. is another example of disruptive innovation. Technological
enhancements have enabled cell phones to be equipped with
● Innovation: The process of creating and small processors, chips, and software applications that support
implementing new ideas, products, or processes to these functions.
improve performance and achieve competitive
advantage. Requirements for Disruptive Innovation
● Strategic Role: Innovation is critical for sustaining
growth, differentiating from competitors, and Disruptive innovation requires access to ignored or overlooked
markets and technology that can transform a product into a
responding to changing market conditions.
more accessible and affordable one. To be disruptive, the
Examples in the Philippines: network of partners—suppliers, contractors, and
● Globe Telecom: Continuously innovates in digital distributors—also must benefit from the new, disruptive
services, including the launch of GCash, a mobile business model. Certain core requirements include:
wallet that has transformed financial transactions in ● Enabling Technology: In business, enabling
the country. technology is defined as the technologies and
innovations that substantially change or improve
● Jollibee Foods Corporation: Innovations in menu
processes or how people do things. Specific to
offerings and technology integration, such as the disruptive innovation, enabling technology is the
Jollibee app for ordering and delivery, support its technology or innovation that makes possible the
strategy of maintaining market leadership. affordability and availability of a product to a broader
market.4 Basically, the speed with which a market can
2. Disruptive Innovation and Business Model be disrupted depends on how quickly the technology
Innovation is developed and subsequently improved upon.
However, the speed of the disruption is not
necessarily a metric used to gauge the success of the
What Is Disruptive Innovation? disruption.
● Innovative Business Model: The innovative business
Disruptive innovation refers to the innovation that transforms model is a business model that uses innovations to
expensive or highly sophisticated products or target new or bottom-tier customers.4 These
services—previously accessible to a high-end or more-skilled segments generally don't drive profits for established
segment of consumers—to those that are more affordable and companies nor do they buy their offerings because
accessible to a broader population. This transformation they either could not afford them or the products were
disrupts the market by displacing long-standing, established too sophisticated for use. This business model—a
competitors. model not adopted by incumbents because of the
● Disruptive innovation refers to innovations and disruptor's initial low-profit margins—seeks to
technologies that make expensive or sophisticated present easy-to-use, economical solutions.
products and services accessible and more affordable ● Coherent Value Network: The coherent value network
to a broader market. includes the upstream and downstream business
● Disruptive innovation refers to the use of technology partners that benefit from a successful disruption.4
that upsets a structure, as opposed to "disruptive The distributors, suppliers, and vendors may require
technology", which refers to the technology itself. process changes or reorganization to adapt or
● Amazon, launched as an online bookstore in the conform to the new business model. Members of the
mid-1990s, is an example of disruptive innovation. network must subscribe to the new business model to
● Disruptive innovation requires enabling technology, prevent failure. Otherwise, old network processes will
an innovative business model, and a coherent value yield undesirable results by not prescribing to the goal
network. of disruption.
● Sustaining innovation is the process of innovating to
improve products and services for existing customers.
Disruptive Innovation vs. Sustaining Innovation

Understanding Disruptive Innovation Disruptive innovation is an innovation that simplifies and

makes more affordable products and services to undesirable or
Disruptive innovation involves technologies used to make ignored markets. Established companies typically strive to
products easier to use or access and available to a larger, improve their products and services for their profitable
non-targeted market. Note that it does not involve the process customer base, largely ignoring the needs and desires of
of improving or enhancing products for the same target untapped segments. This lack of attention gives smaller
market. An example of disruptive innovation is the
companies or new entrants ground to target this ignored to a growing, but largely ignored online shopping community.
population with simpler, more affordable options. In doing so, he forced many bookstores to go out of business.
Sustaining innovation, on the other hand, is the process of Netflix is another prime example. After it disrupted the media
innovating to make existing products and services better for industry, the dominant player, Blockbuster, went from having
the existing customer base, either based on customer or market 9,000+ brick-and-mortar stores to one.
demands. Sustaining innovation does not target untapped or
ignored markets; rather, it's innovating to remain relevant and
competitive. CD makers making CDs with the capacity to hold What Are the Key Requirements for Disruptive Innovation?
large volumes of music that are scratch-resistant is sustaining To be a successful disruptor, the network of
innovation. A company introducing digital downloads via the partners—suppliers, contractors, and distributors—must also
internet, making CDs obsolete, is disruptive innovation.2 benefit from the new business model. Certain core
requirements include having enabling technology, an
Examples of Disruptive Innovation innovative business model, and a coherent value network
where upstream and downstream business partners benefit
Disruptive innovation is differentiated from disruptive from a successful disruption.
technology in that it focuses on the use of the technology rather
than the technology itself.4 Two well-known examples of this
are Amazon and Netflix. Disruptive Innovation:

Amazon ● Definition: Innovations that create new markets by

A classic example of the disruptive innovation of the internet introducing simplicity, convenience, or affordability
being unleashed was the restructuring of the bookselling and disrupt existing market leaders.
industry. The big bookselling chains lost out to Amazon ● Characteristics: Typically starts in niche markets but
(AMZN) because it could display its inventory without owning eventually disrupts established businesses.
a physical store in every town and then ship the book to the
buyer's home. Before online shopping became popular, books Business Model Innovation:
were sold in traditional bookstores, such as Barnes & Noble
and the now-defunct Borders.5
Amazon's popularity grew along with its profits and market ● Definition: Changing the way a company creates,
share, moving many bookstores to the back of the shelf or out delivers, and captures value.
of business. Since its launch, Amazon has successfully used the ● Examples: Developing new revenue models, customer
internet to create an online shopping platform, whereby most engagement strategies, or value propositions.
of what's offered in a physical store—including groceries—can
be ordered from Amazon's website. And it all began with a
small, garage-born company using the power of the internet to Examples in the Philippines:
attend to the needs of a niche market of online shopping, book
enthusiasts.
Note ● Grab Philippines: Disrupted traditional
The Model T car is an example of something not considered to transportation and delivery services with its
be disruptive innovation because it was an improvement on ride-hailing and food delivery platforms. The
existing technology and it wasn't widely adopted upon its company’s expansion into financial services with
release. The auto industry didn't take off until mass production GrabPay exemplifies business model innovation.
reduced prices, moving the entire transportation system from ● PayMaya: Disrupted traditional banking services with
hooves to wheels. In that sense, the system of mass production its digital wallet and financial services platform,
does meet the criteria for disruptive innovation. providing easier access to digital transactions.

Netflix 3. Strategic Renewal and Corporate Entrepreneurship

Netflix (NFLX) is another disruptive innovator. During a time Strategic Renewal:
when VHS tapes and DVDs were rented in abundance from ● Definition: The process by which companies refresh
thousands of video stores, new-entrant Netflix saw an opening their strategies, adapt to new market conditions, and
to cater to an overlooked market of online shoppers. Utilizing realign their resources to sustain competitiveness.
the growing power of the internet, it offered consumers the ● Approaches: Includes revisiting mission and vision,
ability to peruse their catalog of DVDs, rent unencumbered by reorganizing operations, and exploring new business
someone else's choice to rent the same selection, and have their opportunities.
selections sent directly to their home.6
After Netflix disrupted the media industry, Blockbuster went
from having more than 9,000 Blockbuster brick-and-mortar What is Corporate Entrepreneurship?
stores to one.7
Also known as intrapreneurship, corporate entrepreneurship is
Not long after offering mail-delivered DVD rentals, it revised
an approach used to develop new business opportunities,
its business model, finding an avenue to disrupt itself in the
products, or services within an organization. This process seeks
market by providing online-streamed entertainment.6
to create value, drive revenue growth, and encourage
However, competitors have successfully duplicated this
innovation inside the company through entrepreneurial
business model, taking away from Netflix's market share. Time
thoughts and actions.
will tell how long Netflix can remain dominant, but there is no
Corporate entrepreneurship also plays an integral role in
doubt about the disruption it brought about.
motivating entrepreneurs. How? It helps them to make wise
business decisions, implement necessary actions, and lead the
What Is the Meaning of Disruptive Innovation? company to achieve its targets. Moreover, it fosters an
environment where projects are led and developed by
Disruptive innovation refers to the process of transforming an employees, rather than being forced by top management.
expensive or highly sophisticated product, offering, or service
into one that is simpler, more affordable, and accessible to a
broader population. It explains the process of how innovation The Importance of Corporate Entrepreneurship
and technology can change markets by presenting affordable,
Establishing environments that promote innovation might be
simple, and accessible solutions and after doing so, disrupts the
challenging to some businesses, especially large corporations.
market from which its predecessors were born.
This is due to their organizational bureaucracies, structures,
and cultures, among others. Having that said, implementing
What Are Examples of Disruptive Innovation? corporate entrepreneurship allows companies to have a
systematic method to innovate that could lead to significant
Amazon provides a clear example of disruptive innovation. Jeff benefits.
Bezos, in 1995, subscribing to the notion that the internet could Below are some of the reasons intrapreneurship is important:
significantly boost commerce, launched Amazon to sell books
1. Drives Revenue and Organizational Growth Examples of Corporate Entrepreneurship
Successful execution of this approach drives businesses to Of course, there are a number of renowned companies that
generate innovative ideas, develop new products and services, have proven how corporate entrepreneurship has played a key
and identify new market opportunities. These, in turn, can help role in their business’ success. These include the following:
increase revenue and attain company growth.
Google
2. Boosts Employee Morale and Productivity
Google has bolstered its operations by making innovation a
Since intrapreneurship lets employees lead the projects, it gives day-to-day process, instead of utilizing it as a strategy. Since its
them the chance to get engaged in a number of new founding, Google has been relying on its employees to promote
opportunities and showcase their skills. This boosts their and boost an innovation culture. This led to the transformation
confidence and improves their productivity. of the business, underscored by its acquisition of more than
180 companies in the last 20 years.
3. Increases Employee Recruitment and Retention
Because employees are involved, they will feel valued, trusted, 3M
and motivated. As a result, staff turnover rates decrease. Founded in 1902, 3M has established its reputation as a
Furthermore, opportunities that lie in this approach can attract powerhouse of innovation. This is because they have developed
talented, entrepreneurial-minded staff. more than 60,000 products in their portfolio, ranging from the
products used in medical equipment to the automobile
industry. Due to the culture of innovation and corporate
Four Major Types of Corporate Entrepreneurship entrepreneurship, they were able to make product
If you’re going to explore corporate entrepreneurship, it’s improvements and position new products to the market.
crucial that you familiarize and understand its major types to
help you succeed in this field. Here they are below. P&G
Back in 2004, P&G sought to produce innovative and
1. Corporate Venturing disruptive ideas necessary to achieve growth and success in the
This refers to the development of a new business within market by creating a ‘new growth factory.’ Through this, P&G
established companies that zeroes in on a new product or doubled its profits from their household care product, Tide,
market opportunity. With the aim of penetrating new markets from $12 billion to $24 billion in 10 years. The driving forces?
with new or existing products, corporate venturing also focuses They promoted an entrepreneurial mindset in the senior
on launching new products in existing markets. Its goal is to management and product team members, and developed
drive new revenue and create value for companies’ new-growth business guides and organizational structures.
shareholders.
How to Become a Corporate Entrepreneur
2. Intrapreneuring
Now that you know the basics of corporate entrepreneurship,
Intrapreneuring can be considered an activity or exercise are you already inspired to become an intrapreneur? If so, here
entrepreneurs use for the business to achieve innovation. In are some tips to heed to embark on this
addition, it allows employees to work as intrapreneurs to challenging-yet-rewarding career.
determine new business opportunities.

1. Take corporate entrepreneurship courses.

3. Organizational Transformation
The first step to pursuing a career as a corporate entrepreneur
Commonly known as organizational renewal, it is a version of a is to gain knowledge about the industry. Familiarize yourself
complete business that modifies the primary pattern toward with its principles, processes, and characteristics by taking up
improved and sustainable economic performance. Its goal is to intrapreneurship courses. Some of these include business
streamline the company’s performance. Some examples of modeling and strategy, entrepreneurship and new ventures,
organizational transformation include cost reduction, innovation management, product development, and venture
downsizing, and delayering. capital.

4. Industry Rule Bending 2. Get a degree in entrepreneurship.

It’s a type of transformation that revises industry rules in While it is true that becoming an intrapreneur doesn’t require
which the organization is involved to identify and create new any degree, it’s still worth noting that a degree in
opportunities. Coined as frame-breaking change, this aims to entrepreneurship significantly contributes to the success in the
transform not only the enterprise but also the industry. industry. Thus, getting an entrepreneurship degree will help
Pros you not only obtain knowledge about it, but also apply your
● Availability of resources: Corporate entrepreneurs can skills and acquire hands-on experience.
take one step ahead of the others and get access to
different resources, including finances, established
sales force, brand, distribution channels, and 3. Go for it.
customer base. In every professional pursuit, challenges and difficulties are
● Easy-to-set-up business: Most intrapreneurs are inevitable. Hence, you should expect and get ready to overcome
knowledgeable of the business’s technical aspects and them as you carve your path toward corporate
setup process. entrepreneurship. Be equipped with the qualities of an
● Professional connections: A large network of entrepreneur. And if the thought of quitting comes into your
corporate entrepreneurs can assist them in developing mind, go back to the primary reason you want to become one.
new business ideas. ● Definition: Encouraging employees within a company
Cons to act as entrepreneurs, developing new ideas and
● Long approval cycles: It’s crucial to understand that business initiatives.
intrapreneurs can’t come up with a decision without ● Benefits: Promotes innovation, accelerates growth,
getting the company’s approval first. and enhances organizational adaptability.
● Limited financial rewards: Corporate entrepreneurs Examples in the Philippines:
receive limited rewards from the company, which ● Ayala Corporation: Engaged in strategic renewal by
might be one of the reasons that affect company diversifying into new industries such as technology
morale. and infrastructure and investing in Ayala Land’s green
● Hinder ability to maneuver: Organizational and smart city projects.
structures, rules, and procedures are some of the ● Unilab: Fostered corporate entrepreneurship by
driving forces that hinder a corporate entrepreneur’s encouraging innovation in pharmaceutical products
ability to maneuver through the company. and services, leading to the development of new
health solutions and partnerships.
4. Managing Innovation Portfolios Color coding helps map the relationship between projects and
● Innovation Portfolio Management: The process of strategic objectives, showing if they contribute to the
managing a collection of innovation projects and company’s goals. This is an eyeopener phase, where our
initiatives to ensure balanced investment and partners are driven to question why projects are there in the
maximize overall value. first place, reevaluate investments, and set new grounds for
Innovation portfolio management (which, for the sake of the informed decision making.
readers, we’ll be calling IPM) is often confused with a general When mapping your projects, strategic objectives and
portfolio management concept. The first step to managing your subcategories won’t be the only filtering elements in place.
innovation portfolio is to understand what it means. General Other tags and details that drive different views of each project
portfolio management refers to all things strategic within a should cover:
department – plans and investments based on company goals- ● High-level resource intensity (Low – Medium – High)
including a range of activities such as daily projects, marketing ● Started Project vs. Pipeline Project
campaigns, or business expansion plans. While conceptually ● Potentially problematic projects (eg. shared
the same, innovation portfolio management is a method to help ownership, involves high number of stakeholders,
you oversee innovation projects specifically, and independently dependencies to other departments/projects)
of a company’s or department’s daily business activities. Unlike
those, projects that belong in your innovation portfolio will
have a clear start and end. Results and learnings
One of the most significant outcomes of implementing
Why do i need innovation portfolio management? innovation portfolio management is having a clear road
towards strategic resource (re)allocation.
Regardless of the size of project pipelines, any organization can Knowing where your resources are going, and why, will help
be paralyzed because of the number of projects or areas that you determine if your innovation investments are being put to
could be driving innovation, and that, for some reason, are not. good use.
The role of IPM is to bring clarity to existing innovation Beyond resource management, IPM offers visibility on the
projects, their outcomes, and if they are aligned with your negative space in your innovation portfolio. It shows which
company goals. More specifically, innovation portfolio strategic objectives don’t have enough projects in the pipeline
management takes care of: to drive them; the balance (or lack of) between subcategory
● Managing innovation risk by reviewing a project’s projects; and overall excluded strategic objectives that need to
ambition, strategic alignment and pipeline. be re-introduced through new projects in your pipeline.
● Identifying where in your innovation process projects Another outcome is having an overview of how ambitious
get stuck, to define mitigating strategies. projects are. This helps businesses determine whether their
● Highlighting negative spaces on strategic topics expenses and focus answer to their hopes for change or
innovation teams could be working on. stability, in the long run. How important your innovation
● Deprioritizing non essential/strategic projects. ambitions are will be only determined by your own innovation
● Understanding revenue potential of ongoing projects. strategy.
Letting you know if all your eggs are in one basket and
Steps towards innovation portfolio management understanding all that comes from managing your innovation
portfolio will help you, in the end, manage your risks.
Connecting the dots between innovation projects and your Although scarce resources in a specific department, negative
company’s strategic objectives, IPM shines a light on projects, spaces, or ambition gaps may, at first, come across as
objectives, and innovation horizons that need specific disadvantages, they reveal more about your organization’s true
attention. Here are three steps to implement IPM. strategic objectives than your current activities.
● Portfolio Balance: Ensuring a mix of incremental,
adjacent, and disruptive innovations.
1. Outline your strategic mapping framework
● Resource Allocation: Distributing resources effectively
Any organization’s innovation projects can be split into two among different innovation projects.
categories to help differentiate an innovation project’s nature, ● Performance Measurement: Evaluating the success
improving the overview of the entire portfolio in the end. and impact of innovation initiatives.
Improve & Optimize: all activities related to efficiency, new Examples in the Philippines:
systems, processes, etc. Projects under this category aim to ● San Miguel Corporation: Manages an innovation
make things better and faster while spending fewer resources. portfolio across various sectors including beverages,
Explore & Create: this scope stands as the traditional power, and infrastructure, focusing on both
understanding of innovation – inventing something new. This incremental improvements and major new ventures.
is what most people refer to when they talk about innovation. ● PLDT Inc.: Balances its innovation portfolio between
Because of this, it’s important to bear in mind that exploring or digital services, network enhancements, and new
creating innovation initiatives goes beyond implementing business ventures to drive growth and maintain
radical innovation. market leadership.
The Explore & Create category involves doing something new,
or changing the way something is done, like coming up with
new value propositions, or exploring new markets.
Because there is no one size fits all, these macro categories are
broken down in subcategories depending on your
organization’s specific activities, leading to deeper, more
specific insights.

2.Map strategic priorities

Most businesses have a clearly defined set of overarching
strategic goals that respond to the company vision. These are
the ones translated into operational innovation objectives,
which you should map according to the subcategories you
defined in the previous step. The result of this stage of the IPM
process is initial insights on where your organization’s focus
lies in reality, based on what your projects represent. For many
of our partners, this is when they experience their first AHA!
moment.

3. Map innovation projects

You’ve mapped your priorities, so now it’s time to begin
charting ongoing and pipeline projects according to each
subcategory. Once all innovation projects are under the right
one, color coding comes into play.