Every firm that hopes to be and remain competitive on any level in the market must appreciate the significance of innovation. Each firm must build a capacity to not only innovate once but also to keep developing past the initial innovation, a phenomenon known innovation persistence [ CITATION Tom13 l 1033 ]. Owing to the obstacles that may be faced in innovation, innovation persistence is most efficient when guided by an explicit innovation strategy. A good innovation strategy consists of a set of explicit and coherent policies that are mutually reinforcing, promoting alignment towards a given goal and clarifying objectives within an organization. These principles apply on a much amplified scale to larger companies as compared to smaller firms as getting it wrong for them spells consequences that are much direr. In the technology field, innovation is a perpetual affair which manifests much more frequently than other fields. Firms in this field apply various strategies such as R&D intensive, market driven and science based among others to stay ahead of competition and have a unique attraction to the target consumer group. Two such firms are Nokia and Apple who have gone through various innovation phases using varied strategies and are recognized as having had an immense on the market at different points in time.
Strategy and Innovation for Creating, Capturing and Sharing Long-Term Value.
Nokia has a long history rich in instances of innovation to adapt to changing times. It started off as a paper mill operation in the nineteenth century. It has since dabbled in rubber boots, tires, cable, mobile devices and telecommunications infrastructure equipment. Its biggest moment came in the 1980s when it introduced the first fully digital local telephone exchange and car phone. It soon followed with the first phone to make a GSM call over a Nokia developed network. It then made a strategic decision to specialize in telecommunications and mobile.