The important thing is that you've got a strong foundation before you start to try to save the world or help other people.

To increase the likelihood of achieving desired outcomes, companies must take the necessary steps to set a solid foundation for innovation to flourish.

Make a long-term unwavering strategic commitment

""Building a visionary company requires one percent vision and 99 percent alignment" - Jim Collins, author of "Built to Last".

It is the responsibility of the CEO and the Board of Directors to commit and establish a clear strategic mandate for where a firm should allocate its innovation investment. In the era of disruption, most companies have to do both - innovate to defend their current position and search for the next strategic position. It requires relevant leadership at all levels to maintain the alignment at all times. No personal "pet projects". Ruthlessly make strategic trade-offs.

Build an adaptable innovation ecosystem

"When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps". - Confucius

Do not take a piecemeal approach. Address all barriers that could hinder the success of innovation, including cultural, incentives, process, capability, and governance models. The ecosystem must be flexible and adaptable to respond to the ever-changing technology and competitive environment. The system should focus on supporting the speed of learning and validating new business as fast and cheaply as possible.

Use the right approach for the right problem

"If all you have is a hammer, everything looks like a nail" - Abraham Maslow

Apply the correct methodology, including the right mindset and skill set of the team, to the nature of innovation. Depending on what the firm is trying to achieve, there are different types and horizons of innovation. Taking the right approach, rather than chasing what's new or popular, can be critical in generating the desired outcomes.

- Richard Branson