9.7.2 Why should you have an Innovation Policy and Strategy?

The main goals of a company innovation policy are related to achieving progress and competitive advantage in the market through the introduction of innovation:

  • Updating and expanding new product and services range and markets related to them.
  • Introduction of new methods in production, supply and distribution.
  • Introduction of changes in organizations, management and working conditions.

A Company innovation management strategy is one of the tools for the achievement of corporate strategy goals. Innovation strategies are classified on the basis of different principles: time of product introduction to the market, methods of innovation implementation, innovation activity, the abilities of companies to do research.

The structure of a company innovation strategy should include the following components:

  • Physical and technical - machines, laboratories, research units, scientific equipment, experimental production, etc;
  • Labour - specially trained scientific personnel;
  • Financial - financing research;
  • Information.