Definition of Innovation
This is one of the major problems with any innovation project. What is it? Grappling with such a nebulous idea and then attempting to describe it in a language that only your division or department understands can be fraught with problems. This is why we created the innovation equation - not a rigourous mathematical equation but one which our clients could use to hang their own ideas on. Here it is:
Learn to manage the Innovation Equation
It simply says that Innovation is a function of Creativity and Know-how which is multiplied by a constant alpha and raised to a power n where:
* Creativity is simply the methods and frameworks that we use to create new ideas and knowledge
* Know-how is the things that we already know e.g. company history, libraries, employees skills
* Alpha is composed of two components, a desire or need to innovate and resistance. This can make the results negative!
* The power n is a representation of the maturity level of the frameworks that have been put in place to exploit innovation.
Innovation Measurement
Breaking down Innovation into components such as those defined above has one big advantage. All of these things are measurable so your organisation can see the benefits of any innovation project that it undertakes. Because the areas examined are related to 'soft skills' the same techniques can be used to measure the effects of cultural change programmes. Although the results are not directly comparable between organisations, the trends shown in the graphical outputs are thus it is possible to spot both problem areas and areas of excellence. Find out how you can measure innovation potential and kick start your own programme using the Innovation Toolkit .
Managing Innovation
The measurements allow the creation of action plans without the need for spending large amounts of money, time and resources. Depending on the findings, actions may be generated in the following areas:
* Team working
* Micro management
* Desire to win
* Know how to win
* Environmental scanning
* External relationships
* Getting the best from people
* Strategic barriers
* Corporate culture
* Organisational culture
* Learning ability
* Structure and processes
* Leadership and Management
* Knowledge communities
* Knowledge infrastructure (not IT dependent)
* Company networks
creative businness
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