The creation of an innovation team is not something that can be taken lightly in order to be effective. The job demands good strategy and strong commitment and involves the formulation and creation of a culture that would encompass the whims of innovation through the process of encouragement and promotion of entrepreneurship in the organization. According to the most recent research conducted by the Conference Board, CEO Challenge 2013, innovation is among the top 3 challenges faced by CEO’s in 2013. need to tackle. Moreover, this report also ranks at the top, issues related to human capital, for example training and retention, both important aspects of innovation.
Conference Board, CEO Challenge 2013
In the pursuit of growth and innovation, executive leadership is committing to the allocation of dedicated teams that are responsible for leading the entire organization. The Chief Innovation Officer is yet another important figure when it comes to guiding the plans and goals of organization towards creation of new ideas and profit. The Innovation Leader Forum (ILF) has been working for the past three years connecting innovators and leaders who are directly concerned for the initiation of an organizational change.
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Innovation and Strategy for Business 
The ability of a team to execute on the Critical Success Factors is one of the most critical components in any business venture. As such, beyond CVs and qualifications, a company’s team must be aligned with the mission and aspiration of the enterprise.
Competitive advantage may not directly linked to Human Capital, however it is a product of it. Differentiation is key in creating a competitive advantage in any industry, which is driven by innovative ideas and solutions. Innovation is a product of the Human Capital a firm possesses or has access to, therefore it is clear to see that in order for a company to have a competitive advantage, it must produce an environment that attracts and retains the right Human Capital for the business.
This post is very accurate in it’s title.
Any Manager worth her/ his salt knows that s/he is only as successful as those under her/ his charge.
It behoves her/him to empower, motivate and support them and encourage the development of innovative and synergistic teams which produce high-value outputs.
This is especially relevant in today’s hypercompetitive landscape as it focuses the creation of competitive advantage in the area of human capital – which is the most inimitable of all resources within an organization. It will allow for succession planning and sustainability and above all a vibrant, positive workforce.
This would be a positive step if done both locally and regionally from saying that companies are innovative to actually becoming innovative. This encourages the growth of intellectual property, new products and services which a essential for the continued survival and growth of companies, which all are affected by competition on a global scale. This commitment by innovation teams could influence the wider thinking of persons within the company that they are part of a forward moving organisation not content on past success.
Mindsets within companies also need to change throughout the organisation so that this approach would be sustainable. Time taken as being part of the innovation teams could be seen as a an increased cost with no quantifiable benefit and at minimum a distraction if not supported from the very top of the company.
It’s application could also extend into the public sector whereby innovation is desired, but past and current legislation, rules and general practices consistently punish innovation of processes. This would allow for new, better ways to deliver sustainable public services and infrastructure which would in turn support the very companies. Entrepreneurs and citizenry to grow the wealth of the country and the quality of life of all.
Management play a critical role in the process of strategic innovation as it is their sole responsibility to direct the company forward ,it is their by in into the innovation concept that first may initiate its consideration . All the boundaries that may affect the process to innovation is taken into full consideration by the management due to budgetary controls that may be laid down upon its approval. I believe that this factor is extremely important to ensure any success of strategic innovation because the vision of the company is develop at the strategic level and all processes and function co exist to make the vision a reality.
Innovation is said to be one of the main drivers in any organization being successful. It is my belief that the commitment and dedication of teams, having similar drive and passion is indeed key this success- it allows for the innovation process to take flight. It creates the portal so as to apply new solutions in meeting new requirements and challenges; whilst maintaining the fundamental goals and objectives of the organization.
Although quite important to survival of a business today, many leaders lack the insight required to make the critical decisions about innovation. Those that adopt this philosophy have an initial advantage. The key is being able to create value that is right for your company by infusing innovation.