Future Proofing the Boardroom: Innovation

What are the 5 things we need to be thinking about to be innovative in the boardroom?

I’ve long talked and written about the roles and responsibilities of boards and board directors and the evolution of agenda items that guide our boardroom discussions.

I coined the term future proofing the boardroom to describe the range of things boards must do to ensure they are building strong business that last, and the concept I call grounding and stargazing to describe the two types of discussions we must balance in the boardroom to help make this happen.

As I’ve noted in the past, grounding is about making sure the company manages its risks prudently and operates at all times in a responsible, legal, and ethical manner. Stargazing is making sure that the it is ready and able to respond to future challenges.

I wanted to dive a bit deeper into the stargazing side of the equation, and particularly to look at how we can be more innovative in the boardroom – to think outside the box.

I asked Saul Kaplan, founder & chief catalyst at the Business Innovation Factory (BIF) what he thinks are the 5 things we need to be thinking about and doing in the boardroom to ensure we are being innovative.

As you’ll see, it was a lively chat, and we didn’t agree on everything…

This video is from the tv series I host for Reuters In the Boardroom with Lucy Marcus.

1) Get below the buzzwords: Ensure clear and specific innovation objectives.

2) Business models don’t last as long as they used to. Enable R&D for new business models.

3) Create a business model innovation committee of the board.

4) Bring the voice and experience of the customer into the boardroom.

5) Get out more. Enable more random collisions of unusual suspects.

Date

25 July 2013

Future Proofing the Boardroom: Innovation

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