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Innovation strategies are different from many business strategies, because of the difficulty of predicting the steps, time and impact of the innovation.
An innovative strategy guides decisions on how resources are to be used to meet a business's objectives for innovation, deliver value and build competitive advantage.
Strategies should include:
- an analysis of a business's competitive and technological environment
- its external challenges and opportunities
- its distinctive advantages.
This guide describes how to approach the development of your innovation strategy.