Fortunately, there is evidence that CEOs are taking measures to help their
companies leverage innovation as a means for generating growth. Intel, Gillette
and a handful of other companies recently abandoned the practice of reporting
quarterly earnings estimates. This stand against the financial community serves
to ease short-term pressures and allows these companies to focus more on long-
term strategic goals and initiatives ± a big step in the right direction.
We have also seen a surge in the adoption of the CIO position. The Wall
Street Journal recently announced the appointment of Danny Strickland
(formerly a senior vice-president at General Mills Inc) as the new chief of
innovation and research and development for the Coca-Cola Company.
Similar positions exist at a handful of organizations such as The Wrigley
Company and Humana. The implementation of such a position shows a
commitment to innovation at the executive level.
A passion for innovation must be inculcated within the hearts and minds of
senior management before it can permeate an organization. Innovation can
not merely receive an occasional mention or occasional surges of additional
resources. Senior management must believe in innovation and tout it as the
most valuable strategic advantage that the company could ever hope to
achieve. Actions must support the words. A fervor for and intensity about
innovation must be conveyed. Innovation is not just one more thing to get
done. Innovation is not simply a buzzword or a trend. Instead, it should be
viewed as a way of life ± a way of thinking, managing, and feeling.