Identify Mission, Core Competencies, and Corporate Strategy
Choose one company within the industry that was chosen for Assessment 2. This needs to be a ‘real’ company that you can research. Imagine you are the Senior R&D for this company. Write a report for your Board of Directors outlining your innovation strategy and your plan to implement this strategy. To ensure you have a good report, you are encouraged to examine and critique innovation theories, concepts, tools and look at ways in which you can harness the innovation and measure its success. Use the following points as a guideline for your report, and supplement these with additional relevant information as you deem appropriate. 1. Identify the mission, core competencies and corporate strategy for your company. 2. Consider the factors affecting innovation (internal and external). 3. Design an innovation strategy around your mission, core competencies and corporate strategy. Consider questions such as Will you PTW or PNTL? Will you aim for radical, semi-radical, incremental innovation or a combination of these? Why? 4. How will you communicate your strategy to your staff and why have you chosen this approach? 5. How will you implement the seven rules of innovation? 6. How will you balance creativity and commercialization in your company? 7. How would you structure your company to maximize innovation? Hint: You may need to research the current organizational structure and suggest changes. 8. What systems will you put in place to make innovation happen in your company? (Describe in detail examining and assessing various methods such asincubators, start up teams etc ). 9. How will you measure innovation in your company? 10. What incentives will you use to support your innovation strategy? 11. How will you ensure your company learns from its innovation initiatives? 12. What sort of culture do you hope to create to ensure innovation is successful in your company? How will you achieve this?
Innovation Strategy for a Real Company
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