Strategy and Opportunity Space identification

A strong INNOVATION STRATEGY is all about mixing business and pleasure
…by identifying STRATEGIC OPPORTUNITY SPACES

Why do companies need an Innovation strategy?

We often get asked the question, why it is necessary for companies to invest resources and effort in order to define an innovation strategy. Truth is, it shouldn’t be, but reality it has a huge impact and value anyway.

It shouldn’t be necessary to tackle the area of innovation as a strategic discussion on its own, as it should be embedded and immersed into the overall strategy of the company. But in many cases, it simply is spoken to as the ambition and solution for future growth.

And that simply doesn’t cut it.

Innovation needs to be addressed and worked with, to the same extend as strategic customer plans and category strategies. Because if you don’t invest the time and space to strategically discuss and define, where the organization and management expect the future growth to come from, the innovation effort (and development) becomes unfocused and by chance.

It is about understanding the future trends and market insights/dynamics, which will impact both the company’s current and future business. Which should work as the foundation for defining the mid/long-term company ambitions and targets, that ensures a clear direction for the prioritization and focus of the innovation & development capabilities. Thereby also understanding the trade-offs and requirements, that are needed to achieve the objectives.

Strategic Opportunity Space identification is an effective way to support creating an strong innovation strategy.

What is a Strategic Opportunity Space?

Strategic Opportunity Space (SOA) identification is about merging trends, insights and financial business projections (Left Brain) with imagination, creativity and innovative thinking (Right Brain) to build a collective understanding of future growth opportunities. We work with synthesinzing insights in order to identify clusters and interrelated opportunities in SOA’s, that represent attractive marked potentials.

By facilitating a process with relevant, key stakeholders and potentially external contributors, we create a share understanding of the marketspace and it’s fragmented opportunities, which results in a number of SOA’s.

The SOA spaces acts as a bridging and prioritization task from the strategic innovation foundation and to the scope of the ideation sessions.

We often get asked the question, why it is necessary for companies to invest resources and effort in order to define an innovation strategy. Truth is, it shouldn’t be, but reality it has a huge impact and value anyway.

Invite us for a coffee and a talk, if you want to know more about: How we approach creating an Innovation Strategy and Strategic  Opportunity Spaces and What we can do for you.
Please contact us at contact@ccginnovation.com or by phone: +45 6017 6210.