How Much Does VP Innovation Salary Earns?

We will discuss how much a VP innovation salary earns in this article. But before that, we will tackle first what is VP innovation and its role in a company?

What is VP Innovation?

The VP of Innovation is the head of innovation. Also, the head of research and development at a company.

They are responsible for developing new products and strategies. So making sure that the company stays on top of current trends is one of its goals.

Aside from that, what are their following responsibilities in a company?

Responsibilities of a VP Innovation

VP innovation is responsible for innovation in a company. This will include the following:

• new product development,
• new service development,
• Newest technology development, and
• the overall improvement of the company’s products and services.

They are also responsible for building and managing an innovation team. This will include the following:

• bringing the best talent to the table, and
• creating an environment where innovation can flourish.

Aside from that, they have to maintain a company’s competitive edge. This will include the following:

• researching the competition,
• understanding what is going on in their industry, and
• making sure that a company is always on top of the competition.

In addition, they have to bring new ideas to the table. This will include the following:

• being innovative in their own right, and
• encouraging innovation within the company.

Lastly, they make sure that all innovations are monitored and measured. This is done to determine whether or not they were successful or not.

Although there are lots of responsibilities attached to the role of the VP of innovation. It is still considered one of the most exciting roles in a company.

This is because they can make a difference in the company’s performance. Especially, when it comes to innovation.

Now let’s move forward on how much the VP innovation earns. We will tackle each salary margin base on the experienced and level of the VP innovation have.

VP Innovation Salary Earns by Experience

According to the survey, the average salary of a VP innovation ranges from $100,000 to $125,000 per year. This is based on the experience that they have.

The following is the salary range and the average salary of a VP innovation by the following:

Less than 5 years: $110,000

5 to 10 years: $108,000

10 to 20 years: $122,000

More than 20 years: $123,000

VP Innovation Average Salary by Level and Position

In addition to that, it also depends on their level in a company. The following is the average salary of a VP innovation by their level and position in a company:

• Entry-level: $80,943
• Mid-level: $124,935
• Senior-level: $126,936

We hope that this article gives you a good insight into how much a VP innovation earns in a year.

In Conclusion

Therefore, the average salary of a VP innovation ranges from $100,000 to $125,000 per year. This is based on their experience and level in the company

Aside from that we also shared their responsibilities and what they do daily at work.