As a follow-up to our recent blog on “What to Include in Your Innovation Budget” we have created an innovation budget planning components list with 10 key items you should include in your innovation budget for the coming year.
As you will notice as you go through the budget checklist, some of the key components include taking advantage of external resources. As Benjamin Franklin said, “time is money,” so keep in mind that innovation planning may go beyond optimizing internal resources and require you to invest in outside resources in order to speed up production time.
With that in mind, here are 10 key components that should be a part of your innovation budget plan:
Innovation Budget Planning Components #1
Ask yourself: Do we have the skills and resources necessary for our project research and development? Can we bridge the gap with outside consulting resources?
Whether you need help developing innovation and best practices...
As you start Innovation budget planning, here are eight things to consider:
When it comes to Innovation budget planning (and R&D), it's typically a laborious process that spans several months with business model canvases, business cases, proposals and pipeline discussions. I remember my inbox being flooded with documents, meeting requests and scientists pushing their research forward for my sponsorship. As Forbes magazine mentioned in an article last year “The presumption is that R&D spending is somehow connected to increased innovation, revenue growth and profits. However, leaders may be asking the wrong questions here. A focus on R&D spending might be a good way to gauge best practice within an industry, but it is not a measure of how innovative any company is. Having a great R&D process and achieving market success with the technologies we invent are two different things.” Nonetheless, budgets are the fact of corporate world and must be developed....
Holding an open innovation challenge is an excellent way to ensure a continuous flow of fresh ideas to your organization. When launching your next challenge, consider these five guiding principles.
1. Cast a Wide Net to Find Unexpected Innovators
Let everyone know that you're on the hunt for ideas. You never know who is capable of coming up with a great innovation. Make the deadline and incentive for making submissions clear. Let the participants know what they will get for entering a winning innovation.
GE's CEO Jeff Immelt went all out when he launched the massive "Ecomagination Challenge," using a press conference, VC firms, and marketing to garner participation. This innovation challenge resulted in the largest public participation ever run with 100,000s of participants.
2. Make the Innovation Challenge Specific
The best ideas come from specific challenges. Make sure the contestants know the specific problems you're trying to solve. Set guidelines for any desired innovations...
Seaweed Capsules May Lead to an Injection-Free Life for Diabetic Patients
by Olga Garnova
Garnova writes about the novel encapsulation technology technique which "employs a droplet microfluidic device to encapsulate pancreatic islets in hydrogel made of alginate, a natural polymer extracted from seaweed." This amazing technology utilizes non-freezable bound water to protect the cells to prevent freezing damage. Absolutely amazing.
Garnova offers an informative encapsulation technology infographic on another encapsulation technology using "fluorescent oxygen-sensitive dye in hydrogel capsules."
Is Microencapsulated Retinol Better Than Ordinary Retinol?
by Dr. Diana Howard
Which is better? Microencapsulated Retinol or ordinary Retinol? Dr. Howard writes about the encapsulation technology effectiveness of pure Retinol and its instability given that light and oxygen breaks it down. Through microencapsulation technology the unstable "Retinol molecule is protected, controlled release delivery is facilitated and enhanced penetration through the lipid bilayer of the skin." Additional benefits to microencapsulated Retinol includes protecting "the Retinol from oxidation or spoilage and extending...
eZassi Launches Encapsulation Delivery Technologies Challenge
We’ve launched our next open innovation challenge, Encapsulation Delivery Technologies. In partnership with our client, a global industry leader, we are seeking solvers to submit ideas and technology approaches to improve Delivery Technologies in the following ways:
Enhancement of the properties of consumer/commercial goods through delivery technology
All solvers are invited to submit their ideas through our open innovation challenge software portal at www.ezassi.com/innovation-challenges.