How important is innovation to your strategy?

It is a word used frequently in business, and some consider it the most important ingredient for growth, but just what does 'innovation' mean? Dr Stewart Barnes, ceo of QuoLux™, takes a look.

What does innovation look like within your organisation and who is involved? Professor Keith Goffin, the speaker on our Leading Innovation and Competitive Advantage program, who we welcomed back last month to deliver his masterclass to our GAIN™ delegates, shares his insight.

“Innovation is a word used frequently, but often without much clarity,” said Keith.

“In surveys of thousands of CEOs (chief executive officers) in larger companies, they state that innovation is of greater importance for growth than a strategy of merger and acquisition.

“But many consider it extremely challenging, so why is that? And do the same challenges apply in small and medium-sized businesses which, after all, comprise most of the UK economy? 

“A good starting point is to try and define what we mean by innovation. I describe three types: incremental, improving existing products in known markets; breakthrough, developing significant new features for products in known and adjacent markets; and radical, completely…