Effective Executive Magazine
Board Leadership of Innovation in Contemporary Circumstances†

Article Details
Pub. Date : March, 2019
Product Name : Effective Executive
Product Type : Coaching and Mentoring
Product Code : EECM41903
Author Name :Colin Coulson-Thomas
Availability : YES
Subject/Domain : Management
Download Format : PDF Format
No. of Pages : 08

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Abstract

The uncertainties that characterize contemporary business and market environments complicate the challenge of leading innovation and responding responsibly to external trends and developments. More than incremental change may be required. However, when confronted with multiple and interrelated challenges and associated opportunities, many boards find it difficult to obtain the objective and holistic advice they need concerning how best to respond and achieve the adjustments, adaptations or changes that are required. Boards need to re-engage with stakeholders, rethink corporate purpose, priorities, approaches, strategies and business models and seek holistic solutions that embrace supply and value chains. They should also periodically review their agendas, compositions and practices and rethink their role and contribution and that of disruptive and enabling technologies, governance arrangements, collaborators and external ideas in relation to stimulating creativity, enabling innovation and supporting entrepreneurship.


Description

Innovation and entrepreneurship involve risk. Their drivers, their requirements for success and the nature of the risks involved can depend upon changing external developments, requirements and trends. New leadership approaches and priorities are needed for challenging and changing times (Coulson-Thomas, 2018b). The uncertainties that characterize contemporary business and market environments complicate the challenge of leading innovation, and responding responsibly to certain external developments can highlight where innovation is required.


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