The Missing Link Between Strategy and Innovation.

This article discusses the importance of linking strategy and innovation in corporate settings. It highlights that many innovation efforts in established companies fail because they are not connected to a clear set of strategic priorities and the company's unique advantages. The article suggests that companies should define their strategic priorities based on problems and opportunities, and identify their unique advantages over competitors. It also outlines a five-step approach to embedding strategy into the innovation process, including setting strategy at different levels, sharing the strategy with employees, greenlighting projects based on strategic fit, validating ideas through experimentation, and scaling up successful ventures. The article emphasizes the need for innovation to be aligned with the strengths and strategy of the company in order to deliver meaningful growth. [Extracted from the article]