Develop a strategic plan to implement the innovation and gain competitive advantage.

To implement an innovation and achieve a competitive edge, I’d develop a strategic plan with a focus on a few core elements. The research would be to assess the resources that are available and identify any areas of the market where the competitors may not have entered yet or are still lagging.

It is crucial to set clear objectives and goals that are measurable over time. This will allow you to track your performance. Feedback loops must also be set up so internal departments are able to provide input as to how this innovation can best be optimized within their fields. It will ensure that any problems are addressed at the earliest possible stage.

Furthermore, I believe it’s essential for the company to form alliances with other industry players who could potentially add value through leveraging each other’s strengths. It could be a matter of reaching out to partners with expertise in marketing and product development, which would then lead to sustained growth.

Finaly, it is important to communicate with stakeholders when you implement any type of innovation. This will help build trust and create transparency about the implementation process. It is therefore important that all stakeholders are kept informed of any changes related to the initiative.