The Importance of Senior Management Involvement for Innovation

To remain competitive during these turbulent times, 80% of executives consider their current business models to be at risk as change is inevitable. Inevitably, innovation is a key capability required for organizations to stay ahead of the game, which is why senior management should be involved in innovation management. In fact, top innovators are outpacing the Global Innovation 1000. There are three key areas where senior management should be involved in innovation to achieve high innovation performance: 1) Closely aligned business and innovation strategies, 2) company-wide cultural support for innovation, and 3) high top management involvement in the innovation program. Executives who understand innovation's importance should, therefore, invest more of their time and effort into it, as innovation is about creating the future of the organization, and such work should be closely aligned with its overall goals.