Final answer:
Innovation leadership is a style that encourages and supports creativity and the development of new ideas within an organization. It has led to the creation of disruptive products that have changed industries significantly. Examples of industries affected by innovation leadership include telecommunications with smartphones, the automotive sector with electric vehicles, and IT with cloud computing.
Step-by-step explanation:
Innovation leadership is a managerial style that focuses on fostering an environment where innovation can thrive. This form of leadership is not only concerned with coming up with new ideas but also with facilitating the process of bringing these ideas to fruition. Leaders in this context are seen as enablers and supporters of creative thinking, valuing both incremental and radical changes to products, systems, or processes.
For a practical example, consider how leaders invest in research and development and create a culture where risks are embraced, and failure is seen as an opportunity to learn. This approach has been pivotal in many industries where innovative products have disrupted markets for the better. Examples of such products include smartphones, electric vehicles, and cloud computing services, all of which have drastically altered their respective industries.
An innovative firm, as highlighted by Gregory Lee, former CEO of Samsung, knows that innovation provides a temporary edge over competitors, fostering the potential for above-normal profits. Indeed, recognizing the importance of US leadership in science and innovation plays a critical role in the future of our economy and health, as emphasized by the National Institute of Health.