Definition: What is Innovation Consulting?
Innovation consulting is a specialized form of management consulting that supports organizations in the systematic development and implementation of innovations. Unlike traditional strategy consulting, innovation consultants do not only work conceptually but accompany the entire innovation process from ideation to market launch.
The added value of external innovation consulting lies in three areas: First, consultants bring specialized methodological expertise (e.g., Design Thinking, Lean Startup, Business Model Canvas). Second, they offer an unbiased external perspective, free from corporate blindness and internal hierarchies. Third, they contribute cross-industry experience and can transfer business model patterns from other sectors.
Typical Services of an Innovation Consultancy
Innovation consultancies offer a wide range of services:
Strategic Level
- Developing innovation strategy: Identifying innovation fields, setting priorities, and creating roadmaps
- Business model innovation: Challenging existing models and developing new ones
- Trend and market analysis: Analyzing technology trends, competition, and customer developments
- Digitalization strategy: Developing digital business models and processes
Operational Level
- Innovation workshops: Moderated workshops for idea generation and evaluation
- Prototyping & validation: Rapid implementation and market testing of innovation ideas
- Go-to-market: Market launch strategies for new products and services
- Building innovation management: Establishing structures, processes, and KPIs for systematic innovation
Cultural Level
- Developing innovation culture: Initiating changes in mindset and behavior
- Innovation coaching: Strengthening innovation competencies in individuals and teams
- Capability building: Training in methods such as Design Thinking, Lean, or Agile
Innovation Consulting vs. Management Consulting vs. Coaching
- Traditional management consulting: Focus on efficiency, optimization, and cost reduction. Works primarily analytically and delivers concepts
- Innovation consulting: Focus on creating something new – new products, services, and business models. Works with creative-methodological approaches and accompanies implementation
- Innovation coaching: Focus on developing the innovation competence of individuals and teams. Asks questions instead of providing answers
In practice, these roles often overlap. Good innovation consultants combine strategic consulting with methodological coaching and operational support.
When is Innovation Consulting Worthwhile?
Typical occasions for innovation consulting:
- Strategic realignment: The existing business model is reaching its limits and new growth areas are being sought
- Digital transformation: The competition is digitalizing and you need a strategy
- Innovation backlog: Many ideas, but nothing gets implemented – there is a lack of structure and prioritization
- Entering new markets: Expansion into new customer segments or regions
- Business succession: Generational change as an opportunity for strategic renewal
- Crisis situation: Declining sales, margin pressure, or loss of key customers force change
Innovation Consulting for SMEs and Mid-sized Businesses
For SMEs, choosing the right innovation consultancy is particularly important:
- Choose SME experts: Not every consultancy that works for corporations understands the realities of mid-sized businesses. Look for SME experience
- Implementation focus: Good SME consulting does not just deliver PowerPoint slides but accompanies you through to implementation
- Utilize funding: Funding programs such as go-digital, BAFA consulting grants, or Austrian FFG programs often cover 50-80% of consulting costs
- Transfer instead of dependency: A good consultancy makes itself redundant by building competencies within the company
- Industry expertise: Ideal consultants are those who know your industry AND bring in external impulses from other sectors
Finding the Right Innovation Consultancy
- Clarify the goal: What exactly should the consulting achieve? Strategy, methods, implementation support?
- Check references: Ask for comparable projects and speak with former clients
- Methodological fit: Does the consultancy’s methodological approach fit your corporate culture?
- Chemistry check: Is the personal chemistry right? Innovation requires trust and open exchange
- Result orientation: Agree on measurable goals and milestones instead of open-ended daily rates
Innovation Consulting That Works
Point of New combines strategic innovation consulting with implementation support – specifically for SMEs and mid-sized businesses in the DACH region.
Frequently Asked Questions
How much does innovation consulting cost?
Costs vary significantly depending on the scope and provider. Daily rates typically range between 1,200 and 3,000 euros. For SMEs, there are often funding programs that cover 50-80% of the consulting costs. Project-based flat rates offer more planning security than open daily rates.
How long does a typical innovation consulting project take?
A single innovation workshop lasts 1-2 days. A comprehensive innovation strategy development takes 4-8 weeks. Accompanying a business model transformation spans 3-12 months. Many consultants offer modular approaches that can be flexibly expanded.
What is the difference between innovation consulting and innovation coaching?
Innovation consulting provides expertise, methods, and proposed solutions – the consultant brings answers. Innovation coaching develops the innovation competence of those involved – the coach asks the right questions and empowers the team. In practice, a combination of both approaches is most effective.
Is innovation consulting worthwhile for small businesses?
Yes, small businesses in particular often benefit disproportionately, as they can implement changes faster than large corporations. Prerequisite: Choose a consultant who understands the realities of small businesses and delivers pragmatic, actionable solutions. With funding programs, the financial investment remains manageable.