Internal Innovation: Internal development of novel ideas, processes, or products to enhance a company's operations and market position.
A tactic is a specific, identifiable element in a business strategy. It helps to break down top-level goals and strategic initiatives into detailed action steps so the strategy can be executed effectively.
Chief Innovation Officer: An executive who drives corporate innovation strategy, oversees its execution and promotes a culture of innovation.
Having physical form.
Innovation labs are failing due to a lack of integration, focus on tweaking rather than transforming, internal versus external innovation, focus on PR rather than commercial viability, and a lack of strategy.
Internal innovation programs may not deliver scalable ventures, but they are important for changing the organization. Five corporate innovators share approaches to making such programs successful.
Intel implemented a decentralized approach to innovation across various business units, and their experience was shared in a recent webinar with Viki Almog-Ayzenberg.