Organizations in all industries face pressure to connect people, devices, ideas, and experiences in new, meaningful ways. Executives must proactively lead innovation efforts for their firms to create and maintain advantage in extremely competitive landscapes.
Even in mature industries like energy, hospitality, and medicine, opportunities to innovate continue to present themselves as customer expectations grow. At the same time, many leaders find it difficult to make continuous innovation an integral part of the organization.
Seven Keys to Unlock and Lead Innovation Strategy provides insights into how C-level leaders can generate the systemic innovation that leads to financial success and happy customers. The paper highlights seven elements necessary to lead innovation:
- Coordinate enterprise-wide leadership and governance of innovation
- Foster a culture of innovation
- Develop a shared definition of innovation
- Commit to design thinking
- Manage the innovation portfolio like a venture capitalist
- Create radical connection with customers
- Build internal and external partnership networks
Standing still is not an option, and organizations that choose a scatter-shot approach to innovation tend to fail. A systematic approach to innovation is needed, and this paper will help leaders develop their firm’s capabilities.