Innovations result from unique ways of looking at problems
that produce original solutions.
However, because research and innovation
require long time frames, the pressure on business-unit leaders to produce
near-term success often results in funds being shifted from innovative projects
to product development and product extensions. Large organisations that are
heavily dependent on previous successes frequently squeeze out innovative ideas
and the innovators who create them. Not infrequently, the most innovative ideas
run into significant difficulties in their infancy and get killed or
underfunded in favour of high-profitability development projects.
To overcome these pitfalls, organisations need innovative
leaders at the top willing to sacrifice near-term financial results to support
their innovators through success and failure. The characteristics of great
innovative leaders are dramatically different from traditional business
managers.
Here are five essential qualities they must have to lead innovation:
Passion for
innovation. Innovative leaders not only have to appreciate the benefits of
innovation, they need a deep passion for innovations that benefit customers.
Just approving funds for innovation is insufficient. Leaders must make
innovation an essential part of the company's culture and growth strategy.
A long-term
perspective. Most investors think three years is "long-term," but
that won't yield genuine innovation. Major innovations can change entire
markets as the iPod and iTunes did, but they take time to perfect products and
gain adoption by mainstream users. Leaders cannot stop and start innovation
projects as if they were marketing expenses; they must support innovation
regardless of the company's near-term prospects.
The courage to fail
and learn from failure. The risks of innovation are well known, but many
leaders aren't willing to be associated with its failures. However, there is a
great deal to be learned from why an innovation has failed, as this enhanced
understanding can lead to the greatest breakthroughs.
Deep engagement with
the innovators. Innovative leaders must be highly engaged with their
innovation teams: asking questions, probing for potential problems, and looking
for ways to accelerate projects and broaden their impact. That's what HP's
founders Bill Hewlett and David Packard did by wandering around HP's labs and
challenging innovators.
Willingness to
tolerate mavericks and defend them from middle management. The best
innovators are rule-breakers and mavericks who don't fit the corporate mould
and are threatening to middle managers following more typical management
approaches. That's why innovative leaders must protect their maverick's
projects, budgets, and careers rather than forcing them into traditional
management positions.
How can companies develop innovative leaders capable of
ascending to top management? They need to identify these emerging leaders and
then give them their most challenging projects, while protecting them from
failures and organisational conflicts.
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