Strategic Innovation - Building and Sustaining Innovative Organizations

Overview

Innovation strategy is about creating unique value for consumers by delivering a great product that satisfies their needs.

At the core of a successful innovation strategy is a great product concept. Product is an all-encompassing term that includes physical goods, intangible services, and even ideas.

There are three pillars to a successful product strategy: a clear understanding of (a) the target customers (WHO), (b) the specific elements of the product offering (WHAT) that satisfies consumer needs and dovetails with company capabilities, and (c) the tactical plans to reach end consumers (HOW).

The value proposition has to be embedded in a coherent business model in order to create and capture value. But well-laid innovation plans can go awry without a consideration of the business ecosystem that includes competitors and collaborators, including suppliers, distributors, and retailers, or the contextual environment in which the company operates. In an interdependent world, fostering an integrated ecosystem is critically important for companies interested in maximizing the odds of innovation success.

Skills You Will Gain during the Strategic Innovation - Building and Sustaining Innovative Organizations courses offered by Coursera in partnership with University of Illinois

• Business Model

• Innovation

• Business Value

• Innovation Management