Defining the Chief Innovation Officer Role CINO Compensation 2018, - PowerPoint PPT Presentation

Defining the Chief Innovation Officer Role

CINO Compensation – 2018, USA Law Firm Base Salary $350,000-$525,000 – Plus 30-40% bonus Total Cash Compensation: $650,000-$800,000 Corporate Base Salary $225,000-$450,000 plus bonus and various stock packages

Corporate Legal Departments with a CINO 11 Fortune 1000 currently have a chief legal innovation/operations executive. 22 Fortune 1000 have this role on their 2018-2019 talent roadmap

Why a CINO? Motivation for creating this role - Drive new market share – net new revenue - Design & develop client 1 st initiatives – new solutions to client challenges - Sandbox NextGen Technology – AI - Identify and Scope NextGen business models - Address client expectations – improve client experience, bring value for clients - Design & develop cultural change - Design & align internal strategy with structure

Core Skills & Competencies – Pathways The Effective CINO is Entrepreneurial 1. They make decisions 2. They invest in activities and assets that aren’t a sure thing 3. They persuade others to support a mission with non-guaranteed outcome 4. They embrace (instead of run from) the work of things that might not work Additional Core Skills & IQ’s - Political IQ – internal / external - Tech IQ - Financial IQ - Biz Dev IQ - Communications Savvy - Maverick – doer - Collaborative servant leader – hand off the winners, share the success - Expert generalist – understanding client needs & the market - Inward focused – outward facing

Next Steps 1. Identify the maturity model required to establish and advance the CINO role 2. Career pathing – entry to exit 3. Executive support is required to establish and promote this role 4. What environment is required to establish and support the role 5. Reporting structure required for success 6. Business case and value proposition for establishing the role 7. Mandates – aka, mission, role, responsibility, authority & resources 8. How to measure success