Measure innovation
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Measure innovation

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3 tips to measure innovation: Measure input. Measure output. Measure the process.

3 tips to measure innovation: Measure input. Measure output. Measure the process.

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    Measure innovation Measure innovation Presentation Transcript

    • 3 tips to measure innovation
    • Tip # 1 Measure input
    • Number of man hours allocated to innovative activities in month x Total number of man hours in month x = Y %
    • Money invested in innovative activities in month x Total sales of the company in month x = Y %
    •  Measure the number of ideas generated per time unit, for example per month.  Measure the number of hours per time unit that a person spends on trying out new things. Other methods to measure input
    •  Measure the number of hours per time unit, for example per month, that a person watches presentations about innovation on the Internet.  Measure the number of creative people that a person follows on social media. Other methods to measure input
    • Tip # 2 Measure output
    • Sales from new products / services in year x Total sales of the company in year x = Y %
    •  Measure costs saved per time unit, for example per month, due to new idea.  Measure the return on investment on capital invested in innovative activities.  Measure the change in a company’s market value per time unit. Other methods to measure output
    •  Measure the number of new products/services launched per time unit, for example per 3 months.  Measure the number of new customers per time unit, for example per 3 months.  Measure percentage of ideas implemented. Other methods to measure output
    • Tip # 3 Measure the process
    • The number of ideas that are implemented The total number of ideas developed = X %
    •  Measure the time it takes from the day an idea is suggested to the day that a resulting service / product is used by a customer.  Measure the number of barriers that a person experiences between the day he/she communicates the idea to the day that the product / service is launched.  Measure the number of times that a person with a new idea gets praise from other people until the product / service is first used by a customer. Other methods to measure the process
    • Some sources http://www.associatedcontent.com/article/2817678/how_to_evaluate_ideas.html?cat=55 http://www.associatedcontent.com/article/2545291/what_are_the_best_metrics_for_measuring. http://blog.thinkforachange.com/2011/01/14/measuring-ideas.aspx http://creatingminds.org/tools/tools_selection.htm http://innovateonpurpose.blogspot.com/2011/03/criteria-for-your-idea.html http://www.innovationmanagement.se/2011/10/10/measuring-for-innovation %E2%80%93a-guide-for-innovative-teams/ http://www.mixprize.org/story/crafting-one-of-worlds-largest-ideapreneurship http://www.realinnovation.com/content/c080811a.asp