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1. Review your market research


When you start to develop your innovation strategy it’s a good idea to review your market research to help you identify:

  • key gaps in the market which are opportunities for you to be innovative
  • how other organisations are being innovative

You may also like to:

  • ask your customers for feedback to gain insights to improve your processes, products or services
  • ask your employees for ideas based on their experience with customers

If you haven’t already researched your market as part of business planning, visit our market research topic.

2. Understand your opportunities


Opportunities for innovation occur in 2 ways:

  • internal business opportunities through changes to processes
  • external business opportunities through collaborations and product or service offerings

Identify innovation opportunities for your business

Consider the ideas below and make notes on how each one could support your business:

3. Decide on open or closed innovation


Once you understand your opportunities for innovation, you must decide if you will use an open or closed innovation model.

Open innovation means that you:

  • actively seek collaboration with external partners
  • recognise that no business has all the expertise nor owns all the best ideas
  • understand that solutions may already exist in other industries

Closed innovation allows you to:

  • control all intellectual property and profit within your organisation
  • maintain strong boundaries of a project

5. Update your business plan


An innovation strategy is just one part of your business plan. Make sure you update your business plan to reflect your innovative ideas and processes.

Learn out how to write your business plan.

Read next

Find out some of the ways you can innovate through collaboration with others.

Learn more about innovation for your business.