Management Practice Insights

Abstract

Problem of Practice: For-profit organizations are prime engines of innovation, and even as they pursue commercial success, the onus is on them to become responsible innovators. Hence the question that innovation-focused CXOs (CTOs, VPs of Product Management, Product-led CEOs, etc.) should ask is: How can my organization become a responsible innovator? Recent research by Christian Voegtlin and team claims that such transformative goals require large-scale innovations, which should be evaluated and governed using a set of responsible innovation principles.1 In this essay, we outline the need for responsible innovation, define the principles of responsible innovation, and provide recommendations on how for-profit organizations can turn these principles into practice