Why Firms Should Create Corporate Innovation Charters

1. Eugene Ivanov (2021) 1
https://innovationobserver.com/2021/09/23/traveling-unchartered-innovation-waters-with-innovation-charter
Traveling Unchartered
Innovation Waters
Why Firms Should Create Corporate Innovation Charters

2. 3 Benefits of Creating Corporate Innovation Charter
Eugene Ivanov (2021) 2
IC explicitly encourages employees
to take part in innovation
activities
IC defines what innovation
means for this specific firm
IC provides formal
endorsement of
innovation by
the firm’s
CEO
Innovation
Charter
(IC)
https://innovationobserver.com/2021/09/23/traveling-unchartered-innovation-waters-with-innovation-charter

3. A Firm-Specific Definition of Innovation
Eugene Ivanov (2021) 3
The Definition of
Innovation
• The major objective of
the Innovation Charter
is to spell out what
innovation means for
this specific firm.
• The clarity about the
role of innovation will
help select and
support matching
innovation programs.
• The Innovation Charter
will also help create a
common innovation
language.
IC explicitly encourages employees
to take part in innovation
activities
IC defines what innovation
means for this specific firm
IC provides formal
endorsement of
innovation by
the firm’s
CEO
Innovation
Charter
(IC)
https://innovationobserver.com/2021/09/23/traveling-unchartered-innovation-waters-with-innovation-charter

4. An Explicit Endorsement by the Firm’s CEO
Eugene Ivanov (2021) 4
The CEO
Endorsement
• Instead of begging the
CEO for a day-to-day
involvement in the
innovation process, the
innovation team should
ask the CEO to publicly
endorse the Innovation
Charter.
• With this endorsement,
the innovation team can
claim executive support
even when the attention
of the executive leaders
will inevitably shift to
other priorities.
IC explicitly encourages employees
to take part in innovation
activities
IC defines what innovation
means for this specific firm
IC provides formal
endorsement of
innovation by
the firm’s
CEO
Innovation
Charter
(IC)
https://innovationobserver.com/2021/09/23/traveling-unchartered-innovation-waters-with-innovation-charter

5. A Mandate to Innovate
Eugene Ivanov (2021) 5
A Mandate to
Innovate
• The Innovation Charter
provides an explicit
permission to anyone in
the firm to get involved
in innovation activities,
a mandate that even
their managers won’t be
able to ignore.
• In a sense, the
Innovation Charter
declares that innovation
is “everyone’s job.”
IC explicitly encourages employees
to take part in innovation
activities
IC defines what innovation
means for this specific firm
IC provides formal
endorsement of
innovation by
the firm’s
CEO
Innovation
Charter
(IC)
https://innovationobserver.com/2021/09/23/traveling-unchartered-innovation-waters-with-innovation-charter