Building a Creative Culture for Innovation

  • Reference: ART-2049-E

  • Number of pages: 8

  • Publication Date: Dec 15, 2011

  • Source: IESE (España)

  • Type of Document: Article

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Description

Over the past couple of years, many companies have been taking steps to formalize the innovation function, creating a separate innovation office and appointing a Chief Innovation Officer (CIO). Interestingly, this development coincides with a period of economic crisis, and may signal a growing recognition that the way forward is innovation, which will ultimately affect or condition a company's industry position over the long term. As companies formalize the innovation function, they are also seeking to create a culture of innovation. But what exactly is an innovation culture? And what is the role of the CIO in creating this culture? The authors think they have an idea, which they test by interviewing CIOs, directors and managers at 22 companies about their experiences of building a culture of innovation. Several key points emerge, particularly related to what kind of leadership model is needed for the task, and they reveal the biggest roadblocks that companies will need to clear in order for innovation to go from talk to action.