Executives play a key role in setting the tone for their companies when it comes to fostering innovative environments. In this edition of News You Can Use, we’re highlighting interesting stories from the past week focusing on the C-suite’s outlook on innovation.
The Importance of a Chief Innovation Officer
Even companies well-versed in best management practices can struggle with how to stoke innovative thought. This is where a strong Chief Innovation Officer comes into play. Alessandro Di Fiore, writing in Harvard Business Review, explores the need for a “powerful executive who can counterbalance the natural killing instinct of a company’s business units and design a more innovation-friendly organizational environment.” Drawing on research at the European Center for Strategic Innovation he outlines a framework for success.
Looking to the Past to Shape the Future
What is most likely to fuel an inventor’s “eureka moment”? The Financial Times reports that some of the most influential innovations aren’t pulled from the sky, but rather result from careful assessment of how to leverage existing ideas in novel ways. The article points out that innovative ideas often come from unexpected places; the key for the C-suite and innovators alike is to keep an open mind about how unique partnerships or influencers could spur new thinking.
Business Bets on Innovation
Inc. reports that large, multinational corporations plan to spend more on “breakthrough” R&D over the next decade. According to a survey by Strategy&, business leaders plan to increase their investment in this high-risk, high-reward category of R&D by roughly 50 percent. Executives’ decision to prioritize radical innovations demonstrates their assessment that developing cutting-edge intellectual property positions their companies for long-term growth.
For a more in-depth look at IP resources for executives, check out our post from August.
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News You Can Use
Intellectual Ventures regularly shares roundups of invention and intellectual property news. To read the other posts in this series, see below: