Developing a sound strategy is the critical foundation for new product or service innovation. While most ventures recognize the importance of a good strategy, strategy development is often not well understood or practiced. Too many ventures develop strategy on the fly, or allow the thoughts of the founder or largest investor to dominate.

Through our work with dozens of new and growing ventures, Blue Mine Group has developed a practical, very effective approach to strategy development that blends the following three elements:

Leverage the wisdom of the team - Our strategy development process begins with a guided discussion that includes all of the key stakeholders within a company – founders, managers, and investors. For most ventures, the core team collectively has extensive knowledge and expertise of the company and its markets. We provide a structured process to guide the team’s thinking, so that all perspectives are considered, and that the team works systematically though all the key issues facing the business.   

Supplement the team discussions with external, fact-based analysis – To complement the strategy teamwork, we conduct external research and analysis to establish a sound fact base as key inputs to the discussion. An effective approach that yields substantial value is to conduct a rich set of interviews and conversations with a couple of dozen key market participants – customers, prospects, partner, influencers and thought leaders. This research generates a broad and deep set of insights and perspectives to add substance to the strategy development process.

Apply innovation strategy concepts and best practices – The field of innovation strategy is rapidly evolving, with a strong body of knowledge and recognized thought leaders like Geoffrey Moore, Clay Christensen, Henry Chesbrough and others. We leverage a range of concepts, frameworks and approaches form the best of this thinking, so that the strategy team can learn best practices, and include these in its deliberations.

By weaving these three elements together, Blue Mine Group’s approach to strategy development is both efficient and will result in a sound, effective strategy for your venture.