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Open Innovation

Innovation Budget Planning Considerations

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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Innovation Budget Planning Components Top 10

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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Ezassi to attend FEI Boston 2018

We will be attending the annual FEI Boston 2018 event. While there, we'll be showcasing our innovative platform and processes that have helped our client base increase user engagement, time-to-innovate, number of ideas and, most importantly, quantifying how it affects their bottom line. We'll be networking on location and attending social events to answer questions and ask some of our own. After working in various industries, we've found some similarities that make the innovation process effective and streamlined. We've seen first hand how developing a culture of innovation internally leads to higher employee engagement and empowerment that helps solve some your most vital problems.  Many companies are trying their best to create innovation within their companies but still struggle. We bring a level of expertise and processes to build and implement a culture of innovation successfully.   The FEI Boston Innovation Conference is designed to help you master the art of serious innovation with...

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