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Difference Between Innovation Governance and Corporate Governance

Innovation Governance is a subset of Corporate Governance. While there are a number of similarities with Corporate Governance, Innovation Governance has a focus on technology. How is Innovation Governance related to Corporate Governance? Why do Boards of Directors and senior managers need to address the issues associated with Innovation Governance?

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Innovation Compared To Corporate Governance
At first glance corporate governance and innovation seem to have no relationship.
Corporate governance is, or perhaps should be, a rigidly defined set of principles and practices that are well codified. Innovation, on the other hand is not well defined, being somewhat free-wheeling and creative.
Organizations are facing unprecedented rapid change and an ever increasing demand for faster decision-making. They must adapt to changes both inside—such as multi-generational employees and changing organizational arrangements—and outside the company such as regulations, competitors, and technology.
While this is happening, the current menu of business tools and techniques is becoming less effective. The tools that worked in a Newtonian, mechanistic business world are too rigid and less effective. We are now in a Quantum world where chaos and complexity are the norms.

The evolving business landscape demands that companies deal with "wicked problems". Wicked problems are messy, they are complex, don't have direct solutions, cause experience and tools to be irrelevant, are based on conflicting, contradictory information and are connected with other problems. A wicked problem is so puzzling and confusing that it seems insoluble. This is where innovation governance comes in.

Companies need innovation to launch new products, services and to reduce costs. Innovation is also risky since the outcomes are somewhat uncertain and could take more time and costs than anticipated. This is the nexus with Corporate governance. The Board needs to balance the need for innovation with the associated risks.
So what is Innovation Governance? I think a good start is perhaps the world expert ...

Solution Summary

This solution is comprised of detailed explanation on how Innovation Governance and Corporate Governance are related. Supplemented with a complete table of Innovation process components and over 1,000 words on the subject matter. Specific examples and real-life case studies are examined and explained.