R&D innovation strategy leaders must foster collaboration, break down business silos and encourage the sharing of ideas.
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Innovation strategy isn’t hitting the mark
Research and development (R&D) leaders are tasked with delivering fresh concepts and products in an increasingly competitive market. However, Gartner research shows that R&D leaders and key stakeholders are only somewhat satisfied with their enterprise innovation strategy. To change this, R&D leaders must develop a working environment that helps employees fill the new-product development (NPD) pipeline with new, high-quality ideas.
Innovation strategy best practices
R&D leaders are eager to improve their workflows surrounding innovation but struggle to actually do so. To develop and implement a stronger innovation strategy, take these three action steps.
Innovation strategy step No. 1: Break down business silos
Just 18% of R&D leaders are satisfied with their organization’s collaboration efforts. To achieve a silo-free R&D culture, do the following:
Ingrain principles of collaboration across organizational workflows. Having collaboration tools and technologies at hand is not enough.
Encourage new team members to share their experiences and add to existing institutional knowledge.
Use workshops and learning sessions that include internal and external partners to brainstorm new projects and technologies.
Innovation strategy step No. 2: Create a culture of safety and candor
An environment of psychological safety and candor allows all employees to feel comfortable voicing their ideas and concerns while embracing and learning from failure. R&D leaders should take the following actions:
Offer direct feedback to employees, debate new ideas and question underlying assumptions.
Be willing to ask for and respond to feedback yourself, acknowledging opportunities for improvement.
Proactively survey employees about their concerns, including potential risks and problem areas.
Innovation strategy step No. 3: Allow for experimentation
Forty-five percent of R&D leaders believe their organization’s processes are hindering innovation. Focus on building a culture of experimentation in which employees have the flexibility and agency to tinker with new ideas. You might do this with:
A “slush fund” for small-scale experiments that don’t require formal approval
New technologies such as 3D printing and digital twins to expedite development and testing
Coaching and mentorship programs to help generate and explore promising concepts
Showcases or “play areas” to demonstrate new ideas in highly visible locations
Celebrations of failures and prototypes that include discussing lessons learned
Innovation strategy FAQs
What is an innovation strategy?
Innovation strategy refers to how organizations develop and implement new ideas and products. The components of innovation strategy include developing a company vision, conducting a market analysis, tapping into funding and resources, establishing processes and workflows, setting up culture leadership, and defining metrics of success and channels for feedback.
Why is an innovation strategy important for businesses?
An innovation strategy is crucial for businesses as it drives growth, competitiveness, and adaptability. It helps identify opportunities for new products, services, or processes, ensuring relevance in a rapidly changing market. By fostering a culture of innovation, businesses can enhance efficiency, meet evolving customer needs, and differentiate themselves from competitors.
What is an example of innovation strategy?
One example of an innovation strategy is creating a collaborative and psychologically safe R&D environment. This involves breaking down silos to enhance communication, fostering a culture in which team members can share ideas without fear, and enabling experimentation through resources like a "slush fund" for small projects. This approach helps fill the new-product development pipeline with high-quality ideas.
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