Over 25% of C-level executives said they have a designated innovation leader, such as a chief innovation officer. In addition, 42% say they will create such a role to foster innovation.

EY (2019)

In today's business world, the need for innovation is more critical than ever. Companies must continually find new ways to improve their products and services to stay ahead of the competition. Unfortunately, innovation can be challenging to foster within a large organisation; this is where the role of the chief innovation officer comes in. By working with other executives to align overall business strategy with innovation goals, the chief innovation officer can help create an environment conducive to innovation. In addition, the chief innovation officer can also provide guidance and support to employees who are working on new projects. As more and more companies recognise the value of innovation, the number of chief innovation officers will likely continue to grow.