Innovation Strategies for Creating Competitive Advantage

OVERVIEW:Innovation strategy helps a company in three ways: exciting its customers, outperforming competitors, and building a new product portfolio. The literature describes many frameworks for innovation strategy but offers little detail about how to implement them. This paper identifies 12 ways of visualizing innovation strategies: platform offering, co-creation, cycle time reduction, brand value enhancement, technology leveraging, future-proofing, lean development, partnering, innovation mutation, creative destruction, market segmentation, and acquisition. These strategies allow 100 leading global companies to dominate their markets and outperform the competition through innovation.