To drive growth, corporate innovation needs to connect to a clear set of strategic priorities and play to the company’s strengths.
In too many companies, an innovation team is allowed to pursue its own agenda and imagine itself to be a separate island from the rest of the company. The results are always disappointing: a lot of creative ideas, but a failure to deliver meaningful growth. The root problem is the disconnect between strategy and innovation. To succeed, corporate innovation needs to be bounded by a clear set of strategic priorities that matter to the business.
So, in recent years, large companies have set up innovation labs, accelerators, hackathons, and open innovation programs to look beyond their core, pursue disruptive ideas, iterate, and experiment.Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies..
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