Innovation Plan Template

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Innovation Plan Template

What is an Innovation Plan?

An innovation plan is a detailed approach to help companies identify and pursue new ideas and opportunities. It is a strategic plan that defines focus areas and objectives, sets measurable targets (KPIs) and implements related projects to achieve those goals. This plan allows organizations to stay ahead of the competition and foster a culture of innovation.

What's included in this Innovation Plan template?


  • 3 focus areas
  • 6 objectives
  • 6 projects
  • 6 KPIs

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.


Who is the Innovation Plan template for?

This innovation plan template is designed for teams of any size and industry. It provides a framework for creating a strategic plan to develop new products, services, and processes. This template includes resources and guidance to help teams create actionable objectives, set achievable targets and plan for success.

1. Define clear examples of your focus areas

A focus area is a broad area of the business that needs to be addressed. It outlines the purpose and the desired impact of the innovation strategy. Examples of focus areas include Invest in Innovation, Improve Efficiency, and Strengthen Collaboration. When defining focus areas, it is important to keep them specific.

2. Think about the objectives that could fall under that focus area

Objectives are the specific goals that need to be achieved to meet the focus area. Examples of objectives include Identify new opportunities and Pursue new opportunities. Objectives should be actionable and measurable.

3. Set measurable targets (KPIs) to tackle the objective

KPIs (Key Performance Indicators) are metrics used to measure progress towards achieving the objectives. Examples of KPIs include Increase number of market opportunities identified, Decrease time to develop and test prototypes, and Increase percentage of processes automated. KPIs should be numerical, specific and measurable.

4. Implement related projects to achieve the KPIs

Projects are the actionable steps that need to be taken to achieve the KPIs. Examples of projects include Conduct market research, Develop and test prototypes, and Automate processes. Projects should be actionable and measurable.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade is a strategy execution platform that allows teams to create, manage, and track their strategy in one place. It helps teams to visualize their progress and measure success. With Cascade, teams can quickly implement their innovation plan and see tangible results faster.

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Innovation Plan Template
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