Most higher-ed institutions recognize the importance of innovation, but few universities have taken steps to create roles for chief innovation officers, who focus on reaping revenues from innovation, according to new research.

Though most research universities have a technology transfer office (TTO) that helps bring new discoveries to market, a dedicated innovation officer is not as common--but that's changing, according to The Emergence of the Chief Innovation Officer in Higher Education, a new report from Russell Reynolds Associates.

But the emergence of the chief innovation officer position is spurred by various changes in higher education. As government funding...

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