Implementing a Strategic and Measureable Approach to Innovation 20200507 final

Adopting a Strategic, Measurable
Approach to Innovation
Presented by Steve Palmer
May 2020

Presented to The Alternative Board – Baltimore Washington Corridor
Copyright 2020. All Rights Reserved
info@everevolving.biz | 302.242.7778
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 We provide training, coaching and
consulting for organizations interested in
taking a structured, repeatable and
measurable approach to innovation.
 Industry thought leaders, we have traveled
internationally to speak and present
workshops on Innovation Management
 We are a member of Technical Committee
279, who has been charged with
establishing a new International Standard
for Innovation Management – ISO 56000.
Ever Evolving, Inc.
Who we are, and what do we do

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Can we all agree, things are getting out of control?
Published April 3
URL: https://www.wsj.com/articles/u-s-jobs-report-likely-to-show-start-of-record-labor-market-
collapse-11585906617?mod=hp_major_pos1#cxrecs_s Published April 5
URL: https://www.wsj.com/articles/state-coronavirus-shutdowns-have-taken-29-of-u-s-economy-
offline-11586079001
Published April 8
URL: https://www.wsj.com/articles/wsj-survey-coronavirus-to-cause-deep-u-s-contraction-13-
unemployment-11586354400
Published April 9
URL: https://www.wsj.com/articles/u-s-surge-in-unemployment-claims-expected-to-continue-
11586424605
10 Days in April

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But remember, in every crisis, there is opportunity

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But what happens when there are too many opportunities?

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Innovation
Management 101

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ISO Definition: Innovation is a “new or changed entity
realizing or redistributing value. ”
International Organization of Standardization (ISO) 56000 – Innovation Management

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ISO Definition: “Innovation Management can include
establishing an innovation vision, innovation strategy,
innovation policy and innovation objectives, and
organizational structures and innovation processes to
achieve those objectives through planning, support,
operations, performance, evaluation and improvement.”
International Organization of Standardization (ISO) 56000 – Innovation Management

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Lifecycle of an
Innovation

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Capture New Ideas Test and Deploy Ideas Retire Ideas
The Three Phases of the Innovation Lifecycle

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Capturing Ideas
Sources for New Ideas are Everywhere
 During the first phase, you want to capture
any and all ideas
 Seek out sources both internal and external
to your company
PRO Tips:
- Listen to your clients, but don’t be bound
by them.
- It’s OK to reach out to non-clients as well.

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 Rank the ideas according to how they align
with your corporate vision
 Only productize ideas whose value has
been proven. Never gamble!
Test and Deploy Ideas
Drive value from the collected ideas
Pro Tips:
- Get your sales and marketing involved
early.
- Divide your experimentations across the
immediate, near-term and long-term.

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Retire Ideas
Redirect funding to value-add activities
 How many of your old business practices
don’t add value today?
 Are you continuing to fund them?
– If so, why?
PRO Tip:
- This gets a lot less scary when you have
ideas in your innovation pipeline to replace
the outdated practices

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Innovation
Governance

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Capturing Metrics Investment Decisions
Adding Structure to Your Process

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 Recommendation: Put someone in charge
of overseeing your Innovation Portfolio
 They oversee:
– Capturing metrics on performance
progress
– Communicating between Executive
Leadership and the Project Teams
– Keeping interest in the Innovation
Management process alive
Capturing Metrics
You can’t manage what you don’t measure

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Sample Metrics that you can
use to manage your innovation
pipeline:
 Number of ideas collected
this past quarter
 Time it takes to prove the
value of an idea
 Time it takes for an idea to
generate positive ROI
 Total invested in your
innovation pipeline

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Choosing Where to Invest Your Resources

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Closing Thoughts

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Closing Thoughts
Few additional nuggets to chew on
 Innovation Management isn’t rocket
science. But there will be a learning curve.
 Communicate openly with your team about
why this is so important.
 Reward people who participate. They are
driving your future!
 Make sure everyone understands the rules
of the game.

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Thanks for Joining

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Contact Me
Steve Palmer
(302) 242-7778
steve@everevolving.biz
https://everevolving.biz

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Follow Me
Steve Palmer
https://www.linkedin.com/in/steveapalmer/
https://twitter.com/steveapalmer
https://everevolving.biz

 Number of ideas currently being worked
– Number of ideas being worked last period
– Number of ideas being worked last year
 Total number of ideas in your
pipeline/portfolio
– Total number of ideas last period
– Total number of ideas last year
 Total realized value that has been achieved
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 Total number of ideas in each step of your
innovation process
– Total number of ideas in each step last
period
– Total number of ideas in each step last year
 How long does it take an idea to exit a step
on average?
– How long was that average last period?
– How long was that average last year?
Additional Metrics to Consider

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Why do you need governance? This could be an actual
representation of an idea I’ve seen submitted…

Implementing a Strategic and Measureable Approach to Innovation 20200507 final

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