Innovation has become a much more strategic activity in the modern enterprise, and recently its importance has grown. That is partly a result of innovation playing a larger role in transforming the way companies work and expanding their opportunities in different markets.
Innovation as a discipline is struggling to reflect this larger role. Many innovation managers might feel frustration because innovation is not taken seriously enough. Yet the reality is that innovation is transformative and strategic. Its strategic role needs to be embraced with new thinking and new techniques because the nature of products is changing fast.
In this paper, we propose a 3-Phase Innovation Maturity Model that will help companies plot their way through the innovation maze. By focusing on maturing different competencies, in effect by becoming adaptive innovators, companies can develop the capabilities that help them make the most of their innovation investments.