Thinking Like an Innovator: Managerial Decision-Making Makes a Major Difference in Innovation Success
Report presents new “Framework for Effective Innovation Management”
Ottawa, May 23, 2014—Few Canadian firms are highly successful innovators, but those that are have managers who take steps to improve market awareness, accumulate and draw on experience, and reduce bias and error in judgment, according to a new Conference Board of Canada report.
Detailed findings of the report will be presented at Business Innovation Summit 2014: Accelerating Corporate Innovation and Commercialization, on Wednesday, May 28 at 2:30 p.m. in Toronto.
The Centre for Business Innovation report, Improving Innovation Management Decision-Making: Thinking Like an Innovator, finds that making better innovation-related decisions depends on a foundation of:
Awareness—collecting more and better information about markets (market awareness) and firm capabilities (self-awareness);
Experience— drawing on a firm’s own, or others’, experience; and
Judgment—taking steps to recognize and reduce bias and error in judgment.
“The most successful innovation managers take steps to ensure that their decision-making related to innovation is informed, structured and insulated from bias and misperception as much as possible. Unfortunately, not enough businesses take the rigorous approach needed to improve innovation decision-making,” said Daniel Munro, Principal Research Associate.
Highlights
Effective management is critical to innovation success.
Innovative firms have managers who think, question and behave in ways that can improve the quality of decision-making in the face of risk and uncertainty.
Formal business education contributes to managerial effectiveness, but awareness, experience and sound judgment are more important.
