Innovation is not just something that comes by itself when you are not looking.
You need to invest research, work, work, work and then work again. This is why you need a Chief Innovation Officer (CINO); he/she would be the person responsible of overseeing the process of innovation within your company.
The basic responsibilities of a CINO are:
- Explore: look within your company the new business opportunities
- Test: assessment of the new business opportunities and measure of their feasibility
- Build: make the new business opportunities a reality
- Organize: managing the innovation portfolio, identifying profitability
- Re-explore: never stop looking and researching.
New business opportunities are not only patentable inventions, they are any development that may become beneficial for the company. For example: new business model that may be commercialized.