In the latest NACD BoardTalk blog, Managing Director Richard Holt explores the evolving concept of innovation in the corporate world and how boards can support their organizations by embracing innovation. Beyond this, Holt challenges the conventional perspective on failure and proposes a reframed approach where failure is viewed as an integral part of the innovation journey. "Innovation won’t succeed without leadership support and proper oversight.", asserts Holt.

What strategies can directors implement to drive innovation within their companies?

• Hiring Innovation-Driven Leaders: Directors drive innovation by recruiting leaders well-versed in innovative theories, enabling them to champion novel strategies and incorporate innovation-related questions during hiring to guide the process.

• Empowering Rapid Failure: Embracing "failing fast," leaders promote quick prototyping to assess alignment with customer needs, prioritizing progress over perfection for swift learning and improvement.

• Cultivating Curiosity from Failure: Directors should pose questions to understand the reasons behind the failure. By adopting this approach, failure becomes an opportunity for positive transformation and driving eventual success through lessons learned.

• Rigorous Oversight for Innovation: Directors should consider elevating oversight for innovation projects to ensure new products or processes align with market feasibility and realistic risk.

Read the full article to discover how these strategies can supercharge your organization's innovation journey.

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