Innovation Strategy focuses on two key objectives, identify opportunities for innovation and defining the plan for capitalizing on them. Taking into account factors such as an organizations innovation capabilities & core competencies, overall company strategy, resources for investment, tolerance for risk and other relevant organizational factors.  

Opportunities are evaluated on a series of dimensions which include but not limited to:

• Technical constraints & obstacles to realize ideas
• Technology Scouting
• Barriers preventing others from replicating ideas
• Degree of uniqueness in the marketplace
• Niche vs. mass market
• Potential ROI
• Competing Solutions
• Assumptions & Risk Factors
• Opportunity Prioritization
• High-Level Technology Requirements