Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.
Innovation strategy is a plan to help enhance technology. In this lesson, we will discuss the use of a successful innovation strategy, how to be an innovative leader, and how to focus on innovation.
Have you ever wondered exactly what goes into creating an amazing and fun technological device? Innovation plays a huge role in how products are created. An innovation strategy is a plan used by a company to encourage advancements in technology or services, usually by investing money in research and development activities.
An innovation strategy is essential for companies that want to gain competitive advantage. An effective innovation strategy should be inspiring and add something unique to the product or service being developed. As a company, you want to increase the value of a current product or create something brand new that will draw the consumer in.
Innovation should push boundaries and be out of the ordinary. When thinking about innovation, it's impossible not to think about Apple. Apple has created and continues to create unique products with tremendous success. The iPhone, iPad, and iWatch have all been innovative products. Although smaller companies may not have Apple's global success, the beauty of innovation is that you never know what might happen with a product and the success it can bring your company.
Leadership plays an important part in how innovation occurs in an organization. Innovation leadership will trickle down from those in charge to other employees. The manner in which messages are communicated to employees can significantly affect the success of a project. Motivation is also important because of its impact on how some employees work. For instance, if Josh is a manager who constantly yells at employees, work might be more stressful, employees may be less motivated, and productivity will most likely go down.
Leadership doesn't only come from upper-level management; it also comes from lower-level managers and all team members. An effective leader is able to work with different people and mentor them so that they can achieve their goals. A leader should foster a team environment where individuals have the ability to network and create ideas together.
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The Spitfire Technology Company encourages its employees to work together to help create innovative ideas. Jason has the leadership role this week but is having difficulty with the responsibility. Jason isn't encouraging his team and isn't able to work with the different personalities. His team members are trying to do their jobs. However, Jason's negative attitude has caused them to lose their motivation to create a new innovative product. If Jason's attitude was more uplifting, he would be able to build a better relationship with his coworkers and inspire them to create a new product.
Focusing on Innovation
Creating the next innovative product is essential, but it's also important for a company to not lose its focus. Introducing multiple products at the same time can cause a loss of focus. It can also lessen the amount of time available to perfect each product. Even technological giants like Apple focus on and launch a limited number of products at the same time. It's also essential for the company to create something that's different and unique. No idea is too big when it comes to innovation.
So let's say that the sales of Spitfire Technology Company have started soaring. The Spitfire Technology Company developed a new product to launch. They decided to focus solely on a new type of touchscreen laptop that also has a touchscreen keyboard. Instead of launching multiple products simultaneously, they decided to make this single launch worth its research and development costs. Consumers are now focused on this one product and sales are soaring!
Let's take a couple of moments to review what we've learned. An innovation strategy is a plan made by a company to encourage advancements in technology or services, usually by investing money in research and development activities. Leadership plays an important role in how innovation occurs in an organization. Innovation leadership begins with upper-level management and trickles down to other employees. When creating an innovative product, it's important for a company to remain focused. Introducing too many products at once can result in loss of focus and the time needed to perfect them.
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