Why a Strategic Innovation Board?
As the world changes so the structures and processes of business innovation change. For example, around the world, we’re seeing the emergence of a wide-range of new-style boards – one of these being Strategic Innovation Boards.
At the Venture Bank, as part of creating and managing each major innovation to market, we typically set up a customized, Strategic Innovation Board [SIB] made up of hand-picked, highly-experienced and talented individuals.
Each individual SIB directs the total collaborative venture, and guides the CEO.
Typically, between them, the Strategic Innovation Board with the CEO:
- considers all the many different forms innovation takes
- invents, renews, changes or creates bigger, brighter, better, different forms of the specific innovation being developed
- forms the required business models, resources, networks and alliances
- integrates them into appropriate business structures, processes and systems, and
- fast-tracks the ideas, inventions, IP, innovations to market so they generate value, make money, and enhance enterprise valuation.
Benefits of Strategic Innovation Boards
- they are highly flexible ways to apply rich talent, resources and know-how – not otherwise available for hire, or purchase
- they become your entrepreneuring and innovating arm – the arm that effectively manages up your newly created opportunities into the market place
- they have a different creative and results-oriented culture, structure, and resource base to any operating business
- they are both cross-discipline and cross-industry
- they are cost effective, and highly leverage-able – as members only gain by sharing in the results they jointly achieve
- they focus both on long-term strategy and immediate action
- they are ideally suited for the commercialization of intellectual property and for the digital economy
- they add wisdom, experience, networks and strong resources to the Founders and CEO-team working for the joint venture
- they mentor, support, grow the internal executive team – including the CEO
- they allow the Corporate Board, if any, to focus on Governance.