A well-functioning Innovation Board is essential to successful strategic innovation. But what goes into making an effective board? What are the key ingredients?
To answer these questions, first we need to understand what a Strategic Innovation Board is, and what it is not.
A Strategic Innovation Board is not a research and development lab, and it is not a project management office. It is not a body tasked with executing the innovations developed by others.
A Strategic Innovation Board is a senior management team responsible for developing and executing a corporate strategy for innovation. The board is made up of senior executives with the authority and responsibility to make decisions that will impact the success of the innovation strategy.
The board’s role is to provide the vision, guidance, and leadership necessary to ensure that the innovation strategy is aligned with the company’s overall business strategy. The board should be actively involved in setting the strategy, and it should periodically review and approve the results.
The board should also ensure that the necessary resources are devoted to the innovation effort, and that the organization is structured to support the strategy.
So what goes into making an effective Strategic Innovation Board? Here are six key ingredients:
1. A clear and concise statement of the board’s purpose.
The board’s purpose should be clearly defined and understood by everyone on the team. The statement should explain why the board exists and what it is responsible for.
2. The right people.
The board should be made up of senior executives with the authority and responsibility to make decisions that will impact the success of the innovation strategy.
3. A clear and concise statement of the board’s mission.
The board’s mission should be aligned with the company’s overall business strategy. It should explain what the board is trying to accomplish and how it will achieve its objectives.
4. The right tools.
The board should have the resources it needs to effectively carry out its mission. This includes the financial resources, personnel resources, and information resources necessary to make informed decisions.
5. The right process.
The board should have a process in place for making decisions, allocating resources, and tracking results. This process should be based on sound business principles and be aligned with the company’s overall strategy.
6. The right attitude.
The board should be committed to the success of the innovation strategy and be willing to make the necessary sacrifices to achieve it.
What are the benefits of having a strategic innovation board?
Strategic Innovation Boards are becoming an increasingly popular tool used by organizations to help manage and execute their innovation strategy. There are many benefits to having a board in place, including:
Increased clarity and focus: Having a board helps to ensure that everyone involved in the innovation process is aligned around common goals and objectives. This clarity and focus can help to improve efficiency and effectiveness.
Improved communication and collaboration: A board can help to improve communication and collaboration among different stakeholders within the organization. This can help to speed up the innovation process and improve the quality of the final products.
Faster decision-making: By having a board in place, decisions can be made more quickly and efficiently. This can help to reduce the risk of delays that can impact the success of the innovation process.
improved tracking and measurement: A board can help to track and measure the progress of the innovation process. This information can be used to help make decisions about where to allocate resources and which initiatives to pursue.
Greater accountability: Board members are held accountable to meeting specific goals and objectives. This can help to improve the overall quality of the innovation process.
Improved decision-making: By having a board in place, decisions can be made more quickly and efficiently. This can help to reduce the risk of delays that can impact the success of the innovation process.
Greater accountability: Board members are held accountable to meeting specific goals and objectives. This can help to improve the overall quality of the innovation process.
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