The others of invention: why R&D should start in the C-suite: the authors of innovation governance on the benefits of giving the creative process more strategic direction.
Position | MUST READ |
As innovation has become more of a concern of the entire organisation, it has become more possible - and at the same time more necessary - for senior executives to assume a central role in the process. Our new book, Innovation Governance, describes the nine models that have been adopted by leading companies in Europe and the US to structure the involvement of their top managers in innovation.
Key questions that innovation governance should address include:
* Why should we innovate?
* Where should we be innovating?
* How much should we innovate?
In many ways, the answers will determine the organisation's core identity. This is important, because so many choices are open to innovators - and the results can be disastrous when different parts of the business aren't aligned with their choices.
Let's consider one example. The "how much?" question covers critical factors such as a given innovation's payback time and the company's willingness to back a risky project. It's not easy for top managers to agree on these variables, but we have all seen the results when the R&D department takes one view, marketing another and the CEO perhaps yet another...
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