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The fundamental purpose of Innovation is to create value that translates into enhanced stakeholder/shareholder value. Sustainable process-driven innovation transforms ideas into vital intellectual property, Intellectual property into revenues, and revenues into increased stakeholder value.
While the creation of the idea is important, the creation of value for the customer is equally paramount.
In many companies, a board of directors will guide the overall strategy and direction of a company. Audit committees keep financials and performance in check. HR committees ensure diverse and talented hires and competitive benefits.
The Innovation Committee is primarily responsible for advising and assisting in all matters regarding innovation. They will oversee the entire journey of innovation and be responsible for driving the entire process. Their main objective is to provide innovation guidance and to help ensure its implementation, buy-in, and development across the business.
Learn More about Value Creation and Innovation by reading the full article at http://www.innovationcoach.com/