Why do you want to innovate?
Innovation isn't a cure-all.
Businesses usually invest in innovation because they are hoping for superior returns. But that doesn't make innovation unique—since all investments are done with expectation of some payback or return.
It's important to remember that corporate innovation is just one of many tactics an organisation can use to reach its strategic objectives. Being explicit about which specific objectives innovation should contribute to has several benefits, including:
- clarity of focus,
- alignment of effort, and
- more relevant ideas.
Hopefully that is enough to inspire you to answer the following question:
Which objectives do we want innovation to contribute to?
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