An innovation growth strategy is a strategic road map for organizations. According to McKinsey, 84% of executives believe innovation is important for growth. Only 6% of these executives are satisfied with their performance in innovating. The largest roadblock between wanting to achieve breakthroughs and actually being innovative is having a management strategy for growth.

Start-ups, global corporations, and governments alike can benefit from having an innovation strategy in place. Here are just a few benefits the group may realize:

Clear Priorities and Goals -An innovation strategy geared toward growth clearly states objectives and goals with the steps necessary to achieve them. This clarity of alignment should be shared across the network so that all teams are working with leadership toward common strategic goals.

Innovative Culture -When executives and managers make innovating a priority and take it seriously, the rest of the company will too. The resulting innovation model will become part of your value proposition for hiring and employee retention.

Alignment Across the Organization -When a supergroup that spans disciplines is working toward common goals, leaders create alignment. Different teams have different responsibilities and strategies, but they all share the same commitment to continuous improvement through creativity.

Overcome Challenges -When those inevitable challenges arise, there's a long-term resource in place for testing new ideas aimed at overcoming the issues and staying on track.

Increased Productivity and Performance -When you have an innovative, aligned company culture, employees are generally motivated to work more efficiently. By rewarding greater initiative, executives and managers give the workforce a vested interest in the success and well-being of the enterprise or institution.

Competitive Advantage -All the above benefits give a cutting-edge group a built-in advantage over competitors that do not follow an effective strategy for growing by innovating.