The purpose of this paper was to argue that 21st–century realities require a fresh look at leadership and conceptualizing a new approach that reflects the new realities. Rooted in Maslow's hierarchy of needs, a new model is proposed for leading innovation that considers the multi–generational nature of the workforce, emotional intelligence of organizations, and the rapid technological changes that demand continuous innovation for organizations to stay competitive. Grounded in theory from psychology, sociology, anthropology and management disciplines, this emergent model can provide a new framework for building and leading healthy innovative organizations.