Get the latest Head of Innovation salary insights from a recent search. Our privately held industrial technology client, with just under $40M in ARR, was poised to make a digital transformation and needed a Head of Innovation to help set up a net-new product and LOB.
Our client interviewed 4 candidates:
The Tier 1 Veteran – $250K Base + 25% Bonus
- 20+ years of experience in the same Tier 1 manufacturing space as our client
- Focused on building a centralized innovation hub that ideates, prototypes and subsequently commercializes products for their portfolio companies
- Previously, a Director of Product Development & Innovation at a manufacturer leading a New Product Development division
- They inherited this division at a time when the organization was making a loss and needed restructuring; over 5 years they brought in design guides, standardized product configurations & processes, and built the division up to 40 people
- Masters in Mechanical Engineering
The Automation-as-a-Service Specialist – $120k Base + 15% Bonus
- Over a decade of experience within industrial automation service providers and was picked to lead a brand new Product Innovation team
- Their focus was on adjacent innovation; application of existing capabilities to new industries or finding new solutions/developing new products for existing clients
- Previous experience as an Engineering Manager, developing automation solutions
- Experience programming robots and PLC systems and has a solid understanding of SDLCs
- Bachelor of Applied Engineering
The Robotics Expert – $154K Base + $30k Annual Bonus
- 18 years of product experience specializing in robotics and vision systems
- As the senior-most product management and commercialization leader within their organization, they have spent the last five years focusing on:
- Market Evaluation: Market Sizing, Value Proposition & Voice of Customer
- Strategic Planning: Technology Roadmap, Pricing Model & Process Creation
- 5-Year Growth Plan: Financial Model, Business Plan, & Partner Development
- Brought to market a brand new AI-enabled product inspection vision system and was engaged in building a business unit around it
- Mechanical Engineering graduate with an MBA and P.Eng
The Hire
- 15+ years of experience in product development for global manufacturing
- General Manager with the mandate to transform a Canadian operation from a distribution facility into a product development and innovation-focused, high-volume machining operation
- Their efforts resulted in a 12.5% CAGR over the last 5 years
- Previously, a New Product Development Manager tasked with starting up a division from the product development and POC phase to building and expansion
- Grew this business line from 0 to $15M in 3 years
To attract and land this candidate, our client offered a first year total compensation of $185,000 CAD.
As you can see, compensation for these candidates varied based on the length and scope of experience, as well as their ability to thrive in similar environments. For organizations and job seekers alike, it can be challenging to understand what a particular position should pay. Often, it’s a calculation between salary surveys that lack all context, what a person has earned in the past, and ad hoc conversations with others in the field.
We’re sharing market insights into current compensation packages for key roles in the tech industry. Our recruiters conduct targeted searches on behalf of our clients, seeking out candidates who fit the requirements of the role and diligently qualifying them to present only the very best talent. These posts are meant to highlight the contextual elements that makeup compensation, and to help our clients and candidates better understand the current market forces that affect earning potential.
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