Leading Innovation from the Board
12 Pages Posted: 28 Apr 2016
Date Written: August 20, 2015
Author focuses on a structured innovation governance mechanism at the board level for an enterprise. For the active corporate governance of “Innovation”, the author suggests an “Innovation Council”. Such a structured approach to the innovation process within the organization will help board member in multiple aspects. Multiple aspects include better information on market changes, changing consumer needs, competition, and organizational dynamics.
The reports of “Innovation Council” integrate board level governance with the routine functioning of an organization. Now board member can provide inputs rather than just approvals. The exposure to “Innovation Council” helps the board to make a better decision. This approach will also help executive to get support for decisions related to new hiring, organizational changes, a new department, market trial or R&D budget and get support for the bright ideas, which are threatened by internal organizational politics.
The active innovation governance process is highlighted via the case study of companies who are able to win the trust of their stakeholders, attract growth capital and deliver superior financial performance.
Keywords: Innovation, Enterprise Innovation, Innovation Governance, Board Governance, Innovation Process
JEL Classification: O30, O39, l49, l20, l00, O00
Suggested Citation: Suggested Citation