06/08/2022

Effective Ways to Reduce Innovation Risk

Help boards increase their risk tolerance

A McKinsey study found that 84 percent of global executives believe innovation is critical to growth, and yet only 6 percent were satisfied with their innovation performance. Even more concerning, very few of them knew how to improve the situation.

This likely reflects the situation for many association executives. You know innovation is essential for creating new value and driving growth, but how do you do it without exposing yourself to undue risk?

Because association boards are often uncomfortable with the risks associated with innovation, one solution is to help boards increase their risk tolerance. While that strategy may be helpful, the biggest opportunity for improvement is for executive leadership to decrease innovation risk.

Please select this link to read the complete article from ASAE's Center for Association Leadership.