Is it time to professionalise Innovation Management?

R&D Today

Innovation management is high-risk, but would professional status bring high reward?

While 45% of CEOs prioritise innovation in the boardroom*, for those individuals responsible for leading innovation, careers can be stressful, risky and short. Failure is poorly tolerated.Over recent years, an increasing variety of job titles address this area – Chief Technology Officer, Head of Innovation, R&amp;D Director and many more at different levels of the organisation – and all could be termed Innovation Leaders. But what core knowledge and abilities are required to be effective in these roles?There have been growing calls to professionalise innovation management. Sweden and Japan have gone down this path. Professionalisation often leads to higher rewards, and more career certainty. And yet, innovation has always relied on mavericks – rule breakers. So would professionalisation have the effect of turning innovation into a game of following rules, thereby suppressing the very sparkle that makes innovation so powerful?Join our lively discussion on 25th April 2024 in a free event developed by R&amp;D Today in partnership with RADMA and the KTH Royal Institute of Technology, ahead of the 2024 R&amp;D Management Conference in June. We will be asking “Is it time to professionalise innovation management?”We have asked two distinguished industry practitioners to provide different perspectives and have invited others working in this area to provide challenge and input from business and academia. All contributions are welcome.Chair: Dr Allison Haitz, trustee of RADMA and Strategic Advisor to Venture Capital and Private EquityProfessional status brings recognition, reward, and high-quality innovation: Prof Magnus Karlsson, KTH Royal Institute of Technology, Stockholm, SwedenInnovation leadership is in our DNA – compulsory professionalisation would stifle inspiration: Scott May, Head of MISTA at Givaudan <h4>About the speakers:</h4>Prof Magnus Karlsson, KTH Royal Institute of Technology, Stockholm, SwedenProf Karlsson is the former Director of New Business Development and Innovation in Group Function Strategy at Ericsson, the multinational networking and telecoms company. The company has continually reinvented itself during its long history, with an R&amp;D structure on three levels to enable it to exploit and disrupt its markets.Prof Karlsson is a firm advocate for professionalisation. He is Chairman of the Association for Innovation Management Professionals in Sweden. He has also been involved in the development and implementation of the ISO 56000 family of standards for innovation management systems since 2008.Scott May, Head of MISTA at GivaudanScott is VP of Global Innovation for Givaudan, the world’s largest manufacturer of flavours, fragrances, and active cosmetic ingredients, and heads up the innovation ecosystem MISTA.Scott defines innovation as a creating mindset, culture, and ways of working that enable a company to continuously evolve and adapt to changing conditions and opportunities, manifesting in the creation of new futures. * <a href="https://www.pwc.com/gx/en/issues/c-suite-insights/ceo-survey.html" title="https://www.pwc.com/gx/en/issues/c-suite-insights/ceo-survey.html" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">https://www.pwc.com/gx/en/issues/c-suite-insights/ceo-survey.html</a>

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Is it time to professionalise Innovation Management?

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