By Ravi Arora
Fostering innovations by inducing foresight.
The journey from idea to innovation is fraught with risks, uncertainty and ambiguity. This journey needs a lot of perseverance from the teams that work on such ideas. It also needs a lot of courage by the senior management to allow their teams comprising very capable people to work on such projects, the output of which is uncertain.
Organizations are expected and designed to deliver on a consistent and predictable manner. Any adverse deviation from the predicted outcomes are punished by the investors. While business leaders and the board are keen that their company performs equally well on innovation, the pressure of short term results and fear of failure need leaders to be courageous to start this journey. The Book offers several ideas for the Board and Senior Leaders to induce and drive innovations. They include newer ways to incentivize ingenuity, including compensating executives across the board for nurturing creativity with a long term focus on execution.
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