There is growing interest in the global marketplace on innovation. For example, Tesla dominates Electric Vehicle (EV) sales but is losing market share to more affordable EVs from competitors, including Ford and Hyundai.
The leadership literature often emphasizes innovation coupled with disruption as a source of competitive advantage based on the assumption that, without it, organizations constrain social progress in organizations. We identify a new model that comprehensively considers not only disruptive innovation but also the social impact of future decision-making.
It seems obvious that a culture of innovation would be good for a company’s performance. Unfortunately, accounting standards don’t allow for intangible assets, such as innovation, to appear on the balance sheet. Why then should a Culture of Innovation be measured, valued and managed, if the financial results are meaningless to executive management?
Chris Kay, Humana’s Chief Innovation Officer, shared insights into the innovation decision-making process. Kay discussed specific strategies employed by Humana to bring consumer insights to action and he shared examples of the development of innovation ideas.