chief innovation officer manages the innovative process of the company. The chief innovation officer job description describes the many responsibilities of identifying innovative potentialities and bringing them to fruition in order to best benefit the overall goals of the company.
The chief innovation officer works with and reports to the other chief executives in the company to develop and manage new ideas and innovation and their implementation throughout in the organization.
Essential Duties and Responsibilities of a Chief Innovation Officer
- Brainstorms with the creative team to discover new solutions and approaches to old problems.
- Formulates effective new ideas and innovative strategies for product development, marketing, branding, or business opportunities.
- Recognizes promising ideas and finds ways to introduce them into the company’s future plans and discards ideas that are ineffective, costly, or beyond the scope of the company’s mission or abilities to develop.
- Strategizes with product development teams to transform general ideas into workable solutions.
- Analyzes existing practices to isolate areas ripe for improvement or enhancement.
- Encourages creative thinking in employees and finds ways to nurture innovative thinking across all areas of the company.
- Follows customer responses to new ideas, tracks and analyzes the success of new products or services, and responds to customer questions or concerns.
- Monitors research and development of other organizations to spot trends in innovation and supplement research findings in the company’s industry.
- Allocates resources to maintain the organization’s existing agenda while accounting for new projects.
- Evaluates the progress of innovation and adjusts the pace or direction of new projects in accordance.
- Keeps all new projects in line with the company’s mission and maintains consistency with the company’s message and brand.
Required Knowledge, Skills and Abilities
- Must possess an inquisitive and creative mind.
- Must be independent and self-directed but able to work and lead a team of creative individuals.
- Superior research and analytical skills to track and predict trends.
- Must be able to work creatively within a budget and use innovation to find ways of more effectively managing resources.
- Strong business knowledge, understanding of a variety of business practices, and familiarity with the company’s industry.
- Must be able to collaborate with executives, creative teams, research and development, and product development teams.
- Must have excellent interpersonal skills and the ability to persuasively sell ideas.
- Must be willing to take calculated risks and manage expectations of both internal development teams and potential and existing customers.
Education and Experience
- Bachelor’s or Master’s degree is preferred but not required.
- A background in marketing, research and development, product development, or strategy is recommended.
- Several years’ experience in the industry or working in a leadership role in a similar industry.
- Must be well-versed in human resources and personnel management.
- Time is spent in corporate environments with almost all time behind a desk and attending meetings.
- Must be willing to work long hours with frequent evenings and weekends.
- Some travel required to meet with corporate executives or research teams.
- In technology fields, average yearly salary is upwards of $150,000.
- Median salary between $90,000 and $120,000.