In this article, we explain how established firms can benefit from appointing a chief innovation officer (CInO) to lead a meaningful and sizable innovation department. We focus on the changing nature of innovation — what we have called “innovating innovating” — and discuss the nature of the innovation age, why innovation is critical, and the role of the “digital force” that drives much of 21st-century innovation. Next, we share the PIE model, with its three phases of planning, implementing, and evaluating, as a mental model for innovation management. We use the process of strategy making as an example of the changing nature of the 21st century’s digitally driven organizations. Finally, we show how CInOs can use the PIE model to effect transformation from the strategic, tactical, and personal perspectives.