Innovation has always been spoken of in the context of creativity, productivity and increasing market growth. However, the one place that requires the most innovation is leadership. The “why” of innovation is extremely simple to understand – change is accelerating.

If your company didn’t change things, then it will keep doing the things it has always done and innovation become useless. If the markets always remain stable, consumer choices stay predictable and if your competitors stopped producing new products and services. Then everything would remain the way it is, and we would keep going as yesterday.

So, it’s crucial to identify the strong link between leadership strategies and innovation because with the best leadership, you make the correct decisions. Additionally, the important role that innovation plays in transforming these concepts of strategy into realities in the real world tells us more about the top-notch companies and how they wouldn’t have succeeded without innovation.

There’s enough evidence to support the link between innovation and leadership in business settings. This relation continues to grow pertaining to the current economic scenario and also because of the current trends of globalization that continue to blur these geographical boundaries. Studies have shown that innovation will be one of the top three growth drivers for companies over the course of the next five years.

This issue is also a pressing need for CEOs to leverage technology as a major driver of growth for their firm. To achieve this kind of growth, leaders must first ensure that they have in their minds a perfectly strategized pulse of innovation and technological advancement, largely by collaborating with others with a similar mindset throughout the business to organize, analyze and finally utilize relevant data. Finally, leaders and business owners must also create long-term plans that can fully develop and implement technology effectively, while understanding how this will drive more growth and business in the future. With this type of approach, leaders can effectively implement innovation and use this in the fight to become a dominant market leader.