Of the many risks that directors should be aware of, innovation is the most complex. A corporation that invests in innovation risks failure. A corporation that doesn't invest in innovation risks annihilation due to the many threats from small startups and mega-corporations alike, in a variety of areas.
Global innovation projects demand particular leadership competencies in a multicultural and networked environment. Leaders need substantial cultural and market intelligence, facilitation, and orchestration skills in order to accelerate innovation and performance around the world. Yet current leadership models are not designed for this highly challenging environment where performance is critical to international market success.
Everyone is mesmerized by the mystery and magic of innovation and new technologies through AI, Blockchain, IoT, AR/VR, Digital Ecosystems and more. Conversations center around the latest products and services as well as the future impact of a digital life. Yet there is one question that is surprisingly overlooked in many circles - how will leaders and teams innovate and collaborate in a changing business world?
A while ago the IT service vendor Logica opened a centre focused on innovation at its office in Nacka Strand, Stockholm. The centre, called Spark Innovation Centre, is one component in Logica’s work on innovation management and this centre in particular focuses on the area of what is called the Next Generation Workplace.
''Climate change is a result of the greatest market failure the world has seen. The evidence on the seriousness of the risks from inaction or delayed action is now overwhelming. We risk damage on a scale larger than the two world wars of the last century. The problem is global and the response must be a collaboration on a global scale.'' (Professor Lord Nicholas Stern, London School of Economics, at Royal Economic Society Manchester, November 2007, guardian.co.uk)
Futurist Frank Spencer believes that the global economic recession and mechanistic organizational structures have driven creativity out of most firms. It's time for a resurgence in creative leadership and processes that will transform our thinking and actions.