Do you have an innovation strategy?

Booz Consulting found that for innovative companies, financial performance and innovation spending do not have a significant relationship. The two primary elements for innovative companies are a focused innovation strategy and a corporate culture that is wired for innovation. In the healthcare industry, superior products and services and quality are cited as the number one strategic goal. The Booz consultants mention three core innovation strategies: need seekers, market readers, and technology drivers. The top 10 companies surveyed were 60% need seekers. Google's nine rules of innovation are also discussed. Creating an innovation strategy, probing leadership in your organization to create and adopt one, and building a culture that can execute are important for the future of healthcare innovation.