CEO Role in Innovation Management
Transforming a company into a strategically innovative entity requires a cultural and strategic shift. The vision and purpose must be owned at the top.
The Role of the CEO in Innovation Management is to spearhead and lead the fundamental transformation of the business from tactical operational execution to a strategically focused organization with a deep cross functional culture and system of innovation.
Innovation Management Leverages the Collective Knowledge and Insights of Your Entire Workforce to Solve the Toughest Challenges.
Status-quo and business as usual approaches to challenges can lead your business to disruption. You can choose to invest in various types of innovation efforts, each requiring a higher degree of investment, risk, and potential return:
- Incremental innovations – small gradual changes to existing products and services
- Breakthrough innovation – significant technological advances that push an existing offering to leap ahead of its competition
- Disruptive innovation – simpler and cheaper products that disrupt specific segments of the market
- Game changing innovation – innovations that have radical impact on how humans act, think, work and even feel in some way
As CEO, you and your leadership team are responsible for developing the strategy, articulating the mission, setting the standards, and resourcing the effort. Tasks and responsibilities can be delegated; ownership cannot. Truly engaged executives make the difference in your ability to hit your innovation objectives and transform your organization.
Ownership goes beyond just involvement. Full ownership incorporates “The Buck Stops Here!” accountability. It also includes sincere personal interest and commitment. It means setting an example with personal actions. Of all the keys to success for innovation within organizations, the active, visible, and ongoing support from your executives is paramount.