Changing your company's approach to innovation

Purpose – This article aims to offer executives specific guidance on how to tailor a successful innovation strategy to their individual company situation.Design/methodology/approach – Based on Strategos' experience assisting clients in many industries to develop a core competence at innovation, the firm offers three practical guidelines.Findings – The article finds that Strategos recommends: start with fresh perspectives; leave behind the old innovation paradigm by challenging three outdated assumptions that constrain innovation efforts; use “innovation architecture” to design your innovation program; map out what you need to do on the three critical dimensions of innovation – the “what”, the “who” and the “how.”; avoid seven pitfalls that can thwart the initiative; and learn from the experience of innovation pioneers as you implement your innovation program.Research limitations/implications – The article offers numerous case examples and step‐by‐step guidance.Practical implications – The article identifi...