What is Innovation Strategy? - Definition & Examples

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  • 0:04 Innovation Strategy
  • 1:05 Innovation Leadership
  • 1:54 Negative Effect on Motivation
  • 2:27 Focusing on Innovation
  • 3:21 Lesson Summary
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Lesson Transcript
Instructor: Sean Kennedy

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.

Innovation Strategy

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.

Innovation Leadership

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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