Innovation is the means by which enterprises create wealth. Enterprises that learn how to integrate innovation into strategy, and strategy into the process of innovation, will gain a competitive advantage and optimize the enterprise's creation of wealth.
Integration of innovation into strategy requires two tools -- the Innovation Profile and the Innovation Road Map. The Innovation Profile provides a way to analyze the innovation opportunities and threats of the market, strategy of competitors, capability of the enterprise, and desires of the stakeholders.
The Innovation Profile is a matrix of nine different types of innovation. The Innovation Road Map includes customers, competition, technology, stakeholders, enterprise capability and the enterprise's capacity for change. This Road Map enables the creation of multiple scenarios based on different innovation strategies that are necessary for strategic wealth creation decisions.