Chief Innovation Officers (CINOs) have been increasing in popularity over the past 5 years and are now a common sight in many fortune 500 boardrooms. The rise in popularity of this position has been attributed to many things, but perhaps an Accenture Whitepaper on innovation may give us the best indication yet of why companies are looking at them with more interest than ever.
The whitepaper claims that “low risk” strategies, i.e. incremental line additions or small procedural changes, are damaging companies and their innovation capacities.
One of the paper’s main findings was that one of the most important ways to increase the major innovations at a company, retain entrepreneurial talent and decrease time wasted on bad ideas, was through a rigid innovation framework.
This finding points towards the need for an established position with the authority to make changes to systems, communication channels and company culture. It essentially points towards the necessity for a Chief Innovation Officer.
Perhaps this is the reason for their increased prevalence in companies, with small changes no longer having the effect on overall returns that they would like, looking bigger means looking at CINOs.