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Innovation Leadership
There are five key leadership strategies that need to be instilled to build a successful innovation process. Here are those five strategies.

Leadership Strategy 1: Design and Implement an Innovation Strategy
An innovation strategy spells out how you intend to embed and systematize innovation in your firm, and how you will turn it into an ongoing, measurable, manageable process. It defines how you will organize the search for tomorrow's opportunities and what is expected of everyone in the organization.

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Leadership Strategy 2: Spread Responsibility for Making Innovation Happen
Leading innovation springs from the realization that it is much too important to be left to the top team. Just as the CEO and his or her senior colleagues can't effectively handle the innovation piece, neither can any department. Instead, leadership must deputize everyone in the organization in the idea-hunting posse, idea-implementing process such that responsibility is diffused throughout the organization.

Leadership Strategy 3: Allocate Resources and Decide on Levels of Risk
Organizations have three essential resources to allocate: time, money, and talent. And no matter how progressive the system, allocating resources is, at root, a leadership function. You are either going to spend $8 million to build that prototype to test the market's receptivity, or you are not. You are either going to pull key people away from regular line functions to be part of a cross-functional team that will work on the new strategy innovation, or you are not.

Leadership Strategy 4: Establish Innovation Metrics
Look around your organization and chances are you'll find dozens of measuring systems in place: ROI, net earnings, growth, IBIT, EVAŚ it's quite a list. These yardsticks all measure past performance not future potential. They are lagging indicators, whereas innovation metrics are leading indicators.

Leadership Strategy 5: Reward Innovation
Whatever you come up with as rewards, remember this: The rewards for risk-taking must always outweigh the fallout from failure. Rewarding innovation specifically sits within a wider context of how other behaviors are rewarded.

Source of Reference:
Robert B Tucker, Driving Growth Through Innovation, Berrett-Koehler Publishers. You can obtain this excellent book here

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