This Harvard Business Review article by Gary Pisano argues that a formal innovation strategy is crucial for company success. Pisano contends that without a defined strategy, companies waste resources on disparate "best practices" without achieving coherent, effective innovation. He highlights the importance of aligning innovation efforts with the overall business strategy, making informed trade-off decisions regarding different innovation approaches (e.g., crowdsourcing, customer involvement), and understanding the value creation and capture aspects of innovation. Using examples like Corning and Bristol-Myers Squibb, the article illustrates successful strategic innovation and contrasts it with less successful, less-strategic approaches. Ultimately, Pisano stresses that senior leadership must own the responsibility of developing and adapting a company's innovation strategy for sustained competitive advantage.

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