How to Plan Innovation Strategy for Business Growth?
Whether it is an upcoming business (start-up) or an existing one, each of the types has to deal with the ever growing and changing market competition. According to a report, out of 100 start-ups, only 50 survive for 5 years, and less than 30 survive for 10 years or so. The reason cited for most of the start-ups getting closed has been the lack of a plan, proper strategy, and farsightedness for sustainable development. What is Innovation Strategy for Business? According to the experts, innovation strategy has a significant role to play in the prosperity of a business. It envisages how the company is going to create products and services for the consumers. To be more precise, it is a plan of action that almost all the companies use in order to improve the infrastructure (technology, services, products through intensive research and development). The professionals consider this to have significant importance as innovation strategy helps a company to gain a competitive edge over