What is the innovation board (Innovation steering committee)

Innovation is vital to a company's survival, but it has to be managed well in order to be successful. An innovation board or steering committee is responsible for managing and overseeing a company's innovation journey. Comprised of senior executives, they define innovation priorities, implement innovation culture, allocate resources, and make decisions regarding innovation within the company. An innovation board helps to focus on pull innovation, ensure that innovations align with business goals, manage innovation risks, manage resources, make important decisions regarding innovation projects, and prioritize ideas effectively, among other things. The committee also establishes responsibilities and methods for innovation, determines decision-making abilities and obligations of employees in the innovation process, identifies innovation participants' key responsibilities and creates a set of values that foster an innovation culture. However, the innovation board also has its risks. Without significant input or proactivity, it becomes irrelevant. On the other hand, with a dynamic, enthusiastic, and motivating attitude, it can be effective in leading organizational change and fostering a culture of innovation within the company.