Most leading organizations have realized the need to become more innovative. As a result, companies are increasingly starting to plan and implement innovation initiatives. Whether the CEO takes an active role in leading innovation, or let other C-level executives take the lead, his involvement is critical to the success of the process and he must inspire, build and foster a corporate culture that encourages innovation and drives results.
One of the facts a CEO must keep in mind when dealing with innovation, is that innovation is much more than just developing a new product; innovation can be achieved by a change in the pricing model, creative marketing, unique customer experience or a change in the supply chain. For this reason, it is recommended not to limit the innovation process to a small group of people or specific departments, but to include as many people and functions as possible.