A chief innovation officer or chief technological innovation officer is someone in an organization who is primarily involved in managing the implementation process of change management, innovation, and corporate strategy. This individual will work as a catalyst for fostering innovation at all levels of an organization including the executive level.
The tips that follow pertain to those who may be interested in pursuing such a position. These include the basic skills necessary for a successful position. One of the most important tips for those interested in becoming a chief innovation officer pertains to the need for one to have excellent leadership skills. This includes being aware of one’s strengths and weaknesses and learning how to manage them.
Another tip for those interested in a role as a chief innovation officer like Joshua Team relates to the need for this individual to have a strong background in business management and strategic planning. This includes understanding how to manage a variety of people, including executives, staff members, and customers. One should also have a strong sense of business analysis skills. One should therefore have a sound knowledge of how to conduct business analysis, as well as basic business management principles and concepts.
When it comes to implementing new ideas for the betterment of an organization or a business unit, it will be helpful for those seeking to become a chief innovation officer to understand the difference between commercial and open innovation. Commercial innovations are often those that focus on new applications and products for existing products or services. Examples of commercial innovations include new versions of products or services, or new approaches to the production of certain existing products or services. Examples of open innovations are technology innovations that do not attempt to commercialize off-site technologies or solutions.
It should be noted that some business units may view the job of a chief innovation officer as antithetical to the role of the vice president and other chief innovation officers. In many instances, these executives may be less familiar with the latest innovations and technological advancements in their respective organizations than are business units that have been operating for decades. Although the importance of innovation is essential to the overall health of the economy, it should be understood that innovation is just one element of organizational strategy.
The chief innovation officer, for example, must have a clear vision of the company’s future direction and goals of the company is to be successful in its efforts to become a global leader. Achieving this vision will require that the chief innovation officer is highly knowledgeable about the specific areas of strategic industry planning and management that encompass such goals and objectives.