The present-day business world is competitive, complex, and interconnected. Organizations must innovate to survive. Innovation is an expensive exercise and needs smart people to work on it, those that are not always within your organization. To succeed, many now co-create with others outside their own organization. In innovating jointly, organizations struggle with questions on how to capitalize on bright ideas, how to capture value in a co-created innovation, and how to manage the innovation process itself. The Innovation Matrix simplifies and structures innovation management and strategy. Intellectual property, which is at the core of every innovation, is urged to be used as a tool in defining a strategy and managing the innovation. Through three key steps (THINK-STRATEGIZE-ACT), you build an Innovation and IP Strategy.