The Average Business Innovation Manager Salary: What You Can Expect to Earn

The Average Business Innovation Manager Salary: What You Can Expect to Earn

As the business world continues to evolve, companies are realizing the need for innovation to stay competitive. This has led to an increased demand for business innovation managers. But what kind of salary do these professionals command? In this article, we’ll explore the average business innovation manager salary, factors that affect salary, and the responsibilities of these professionals.

What is a Business Innovation Manager?

Before diving into salary, let’s first define what a business innovation manager does. Simply put, this professional is responsible for coming up with new ideas to improve products, services, and overall business operations. They work with cross-functional teams to implement and execute strategies that drive growth and innovation.

Average Salary for Business Innovation Managers

Now, let’s get to the question at hand. According to Payscale.com, the average salary for a business innovation manager is $99,054 per year in the United States. However, this can vary based on several factors.

Factors Affecting Salary

Experience is one of the biggest factors that impact salary for business innovation managers. Entry-level professionals may earn around $70,000 per year, while those with extensive experience can command upwards of $150,000 per year. Geographic location also plays a role, with larger cities typically offering higher salaries. The industry and company size can also affect salary, with technology firms typically paying higher salaries than other industries.

Responsibilities

So, what do business innovation managers actually do on a daily basis? Their responsibilities can include conducting market research, identifying growth opportunities, developing and implementing new products or services, and collaborating with other departments to ensure successful execution. They also need to stay up-to-date on industry trends and emerging technologies.

Conclusion

In summary, the average business innovation manager salary is $99,054 per year, but this can vary based on experience, location, industry, and company size. Business innovation managers play a critical role in driving growth and innovation for companies, with responsibilities that range from conducting market research to collaborating with cross-functional teams. As the importance of innovation continues to grow, the demand for business innovation managers is likely to keep increasing – and with it, their salaries.