Who pays for innovation – and what’s the return?

The same executives who praise innovation in public often dismantle it behind closed doors. Innovation features in every strategy document and earnings call. But when financial pressure mounts, innovation teams are quietly cut, sidelined, or absorbed—despite delivering value. Why? Because they rarely fit the operating logic of the core business.

This article is inspired by a discussion with a valued colleague and examines a recurring dilemma: Who should fund innovation—and what kind of return is realistic, measurable, and defensible?

More specifically: