In every industry, there are leaders and there are followers. Leaders are those who are adaptive to change, or in other words, they are open to incorporate new innovative strategies in their businesses and their products. An effective innovation strategy consists of your ability to come up with new and creative ideas and implement them to make ground-breaking products.It’s all about creating something new and better than the present products. It may be a completely new product developed from scratch, or it may be something that is created from an existing product or idea. However, being receptive to change is a necessary trait if you want your organisation to take new innovation strategic initiatives and implement them successfully.

Innovation strategy consists of constantly evolving your products and come up with new and exciting products to attract users in this highly competitive market. Actually there is no other choice for you; your business needs to keep on evolving otherwise it will die a slow but sure death. The main reason is that the products have an extremely short life cycle. Look at any successful company or any product around you, and you will realise that only the innovative companies which consistently come up with a newer product can survive, and any product from laptops to mobile phones is not the same that it used to be a few years back.

One of the most important things that you must do in order to come up with the best innovation strategy is to incorporate productive management style in your business. With productive management, we mean that the management should be capable of creating a certain productive environment in your business that motivates everyone from senior managers to the lower level employees to contribute towards the success of your organisation. One of the best innovation strategic initiatives that you can take to achieve this is the rewarding system for your employees for the contribution of any innovation idea that works. Rewarding system works brilliantly because when employees know that their efforts would be appreciated; they would go an extra mile to give their best innovative suggestions and plans. The benefit doesn’t end there. Rewarding system will also help you to foster competitive spirit among your employees that will effectively force them to work even harder.

It’s also essential to remember that innovation is a long term process and may not provide you immediate results. However, it should stop you from taking innovation strategic initiatives for your organisation. Let’s have a look at various steps that a perfect innovation strategy consists of.