Innovation is one of the most significant growth levers for business. When conducted well, it provides the largest potential for value creation as a result of increased market share and profitability. It follows that the aspirations of new products or services are high. However, roughly 90% of innovations fail as they are met with overwhelming uncertainty.
Innovation strategy aims to get a winning product to market first, ahead of competitors. It also aims to reduce risk by following a course of analysis that overcomes uncertainty and guides informed decision making, including product features, target markets, competitive positioning, pricing, resources, investments, and much more.
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