For a large company, a Strategic Innovation Plan (SIP) must take a three prong approach via Internal Innovation, External Innovation, and Innovative CSR. Orchestrating these three prongs requires flexibility.
- Internal Innovation: Adopting a nimble and collaborative approach to work with matrix partners in a coordinated format continuously asking questions and supporting teams and people to assure that what we are creating today will be beyond the grasp of the competition in 5 years.
- External Innovation: By developing partnerships of expertise inside and outside of the organization with entrepreneurs, VCs and PEs, as well as external joint ventures.
- Socially Responsible Innovation: Takes on many flavors from assuring we are building solutions that have a positive impact on the world to supporting other entrepreneurs as they innovate by working with them in different forums around the globes.
These are simple definitions. What would you suggest of these three prongs? How would expand the definitions?
Remember: “E”nnovation – Every person is responsible for Innovation.