10 Best Board Practices on Innovation Governance – How Proactive is your Board?

The global business and technology trends point in the same direction: there is a need for more proactive and far-sighted management of innovation. Innovation for business reinforcement and growth – and for transformation in particular – are, of course, the prime responsibility of top management. Innovation governance – a holistic approach to steering, promoting and sustaining innovation – is thus becoming a new management imperative. Boards of directors, too, need to be more than just observers of this renewed management interest in innovation, because so much is at stake. In a growing number of industries and companies, innovation will determine future success or failure. Of course, boards do not need to interfere with company leaders in the day-to-day management of innovation, but they should include a strong innovation element in their traditional corporate governance missions.