Innovation is critical to create value and new business opportunities for business. However, businesses and boards sometimes approach innovation with trepidation. Innovation is sometimes thought of as the wild west, where terms like “ideation sessions”, “agile“ and “sprint” are thrown around, seemingly without thought to due process. A governance process for businesses to effectively innovate needs to support innovation and the organisation’s ability to take advantage of new business opportunities.
The IoD Centre for Corporate Governance did a survey in the summer of 2022 exploring the link between innovation and governance.
While the report covers a number of findings and makes for interesting reading, the inquiry identified four characteristics that appear to be common to many successfully innovative companies:
1. There is a board-level appreciation of the relevance of innovation to the company’s strategy and business model;
2. Innovation activity is objective or outcome-based;
3. Innovation is appropriately integrated into the company’s processes and activities; and
4. There is a culture that encourages innovation.
The IoD Centre for Corporate Governance is developing guidance for board members on how they might apply the findings in this report in their own companies, which will be published in the first quarter of 2023. We will highlight that report when it’s published next year.
It’s opportune then that IoD Jersey’s Digital Subcommittee is planning an innovation event in July 2023 to give Board Directors and management teams and opportunity to experience ideation sessions and how they can drive innovation. In the run-up to that event, more articles and innovation-related activities are planned, to ensure participants can make the most of the event.
We look forward to sharing more about these events, and to seeing you at the IoD Digital SubCommittee event in July next year.
Please click on the link below to access the full report
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