Leaders should evaluate and adapt their leadership styles to promote innovation. Transformational and democratic leadership styles are effective for inspiring creativity and involving employees in decision-making, fostering an innovative culture. Sustainable innovation requires a review of business strategy, recognition systems, leadership competencies, and diverse workforce engagement. Facilitating knowledge transfer involves capturing and sharing explicit and tacit knowledge through various means like mentoring, webinars, and intranet portals.
Effective risk management is vital for handling potential innovation-related challenges, covering operational, commercial, financial, and competition risks. Strategies include seeking professional advice, creating prototypes, and fostering a culture of learning and communication.