How to build an Innovation Strategy that actually works

This blog is part of a 4-part series by RevelX on innovation strategy—designed for leaders who want to move beyond buzzwords and build a future-ready organization.

In this series, we explore:

1. Why innovation strategy matters
2. How to build one in practice
3. How RevelX integrates AI into innovation strategy development
4. The most important question stakeholders ask about innovation strategy (FAQ)

Whether you’re shaping your first innovation roadmap or refining your strategic focus, this series will give you the tools and perspectives to lead with confidence.

You already know that innovation is critical to long-term growth. But knowing it isn’t the same as doing it. Many organizations struggle to turn intention into action because they lack a clear innovation strategy. So, how do you actually build one?

In this blog, we walk you through the building blocks of a practical, focused, and future-ready innovation strategy.

Forget 100-slide decks and abstract mission statements. A good innovation strategy is pragmatic, focused, and actionable. It should:

• Align with your long-term strategic ambition
• Reflect external disruption and future customer needs
• Define how innovation will create future value

At RevelX, we break it down into six clear components.

Your strategy starts outside your own walls. Begin by scanning the external environment:

• Which megatrends (e.g. urbanization, sustainability, digitalization) are reshaping your industry?
• What technologies could change your business model?
• How are customer needs shifting?

You can use the RevelX Disruptor Game or ideation workshops to stretch your thinking and break internal biases.

Before setting ambitious goals, assess where you stand. Our Innovation Readiness Benchmark covers 7 key areas:

• Leadership and ownership
• Portfolio management
• Innovation competences
• Organizational structure
• Innovation culture
• Governance & decision making
• Process & tooling

This helps identify strengths, blind spots, and key enablers to develop.

Your innovation ambition should go beyond “better products.” It must reflect:

• Your North Star: what future role will your company play?
• Your BHAG (Big Hairy Audacious Goal): a bold, inspiring ambition
• Your themes: key areas of focus (e.g. AI, Servitization, Circularity)

This sharpens strategic focus and drives ideation.

Your roadmap translates ambition into execution. Start by:

• Mapping current innovation initiatives
• Identifying gaps (e.g. missing themes, lack of Horizon 2 or 3 projects)
• Prioritizing based on business impact and strategic fit

Use criteria and metrics to kill hobby horses and double down on high-potential projects.

Strategy without capability is wishful thinking. Define initiatives to strengthen your innovation power:

• Who owns innovation?
• Do teams have the right skills?
• Is governance fast and data-driven?
• Are there tools to track, decide and scale?

Each of these enablers deserves focus to make innovation stick.

To align your teams and get buy-in across the business, summarize your entire strategy in one page using the Innovation Strategy Canvas. This helps:

• Communicate clearly across levels
• Keep focus in execution
• Review and iterate quarterly

You can download the canvas template via our website.

We don’t believe in strategy as a document. We believe in strategy as a shared process.

At RevelX, we typically work with our clients in 2 to 3 highly interactive workshops, bringing together a multidisciplinary stakeholder team. We co-create the strategy with you, not for you.

Our role? To bring:

• Proven best practices from developing 100+ innovation strategies
• Outside-in perspectives from across industries
• Proven (AI) tools and structure to turn insight into focused action

This collaborative journey is often as valuable as the outcome itself. It ensures true ownership, deep alignment, and momentum for execution.

Building an innovation strategy is not about writing a document—it’s about setting direction, creating ownership, and enabling execution. The tools are here. The urgency is real. The rest is up to you.