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  3. Innovation Strategy in Corporations

What is the first step in creating an innovation strategy?

Elaine Chen

The first step in creating an innovation strategy is to diagnose the problem. What are the challenges that prevents the organization from becoming as innovative and entrepreneurial as it can be?

The way to do that is via conducting an innovation audit. This is often done as a listening tour in which the innovation strategy team interviews large numbers of people at every level and division in the company to understand the as-is state for corporate innovation and entrepreneurship. This helps the team build knowledge about the challenges and helps them prioritize problems to start with.

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