If you are lucky enough to be on an innovation team you understand the need to deliver successful innovative solutions. In this contemporary world assessing your progress and allocating resources is always a priority. Recently, Innovation Leader published the report, Benchmarking Innovation Impact 2020 offering an in-depth look at innovation strategies, investments, and approaches that drive successful innovation. ...
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[vc_row][vc_column][vc_column_text] As you start Innovation budget planning, here are eight things to consider: When it comes to Innovation budget planning (and R&D), it is 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...
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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 Outside Consulting 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...
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As companies increasingly recognize the importance of innovation and disruptive solutions to remain competitive, the big question remains: where does innovation come from and how a culture of innovation be cultivated? While it might certainly seem like a big question with a complicated answer, for most companies the solution within reach more than they could have ever imagined. Contrary to popular belief, existing employees account for the vast majority of innovative ideas and the right software can help unlock innovation while also shifting the entire company culture. Companies who feel static, often look to outside sources for new ideas, but studies show that internal employees actually represent the best source of innovative ideas. The real challenge is creating a culture of innovation where employees feel free to share ideas and question the status quo. Here we have put together some of our most important findings regarding these issues in the article,...
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[vc_row][vc_column][vc_column_text]Simply striving for innovation isn’t quite enough. Choosing innovation software features or a platform and seem to make things a bit more complicated while getting started. What should you look for in features? What’s important and what isn’t? All questions that we can easily assist you in answering and help you move forward quicker with your innovation strategy. The right innovation software features are key to the success of your strategy. With the right software, your innovation efforts should feel streamlined, effortless and, ultimately, effective. There seems to be 10 features of interest that you’ll want to look for while choosing your software. A Branded Microsite A branded microsite helps maintain your brands image while launching your innovation challenges, whether internal or external. Although, this is more important for external challenges. This ensures you maintain control over your branding always and further pushes that image when it comes to innovation so that your...
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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...
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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: Controlled delivery Release mechanisms Encapsulation chemistry 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. ...
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