How do I represent investment in Innovation?

My teams are involved in Innovation activities, but I am not sure how best to represent this to stakeholders or exec board?

Summary

Here are 3 ways to arrange and communicate your Innovation Investment:

  1. Strategic Innovation Investment: Use an Eisenhower matrix to give simple picture.
  2. Innovation Type: Group by a) BAU, b) Incremental, c) Step Change
  3. Innovation Delivery Approach: Group by a) Hack Event, b) Programme, c) Incubator

 

By . Published: 2016/06/02 10:36:43 AM, Last Updated: 2016/06/02 10:36:43 AM

More detail

1) Strategic Innovation Investment:

Use the Eisenhower Matrix to show your allocation to Strategic projects. For a portfolio this means you split investment into matrix similar to this:

Eisenhower Matrix used for Innovation Project % Resource Allocation

NB – people take offence when their projects are categorised as “unimportant”, so it’s prudent to use “high & low priority” instead.

2) Innovation Type:

Categorise your innovation projects by type of innovation:

  1. “BAU”: A % of your team’s time is allocated to innovation projects. e.g “One in Ten” in many organisations.
  2. “Incremental”: Fold-in regular innovation opportunities to your delivery approach. e.g. in Agile delivery methods, this can be a natural part of your iteration; the team is able to innovate to solve real problems.
  3. “Step Change”: Investment in high-risk experiments, and activities that are permitted to fail, in order to open significantly different, novel opportunities.

3) Innovation Delivery Approach:

  1. Hack Event (days)
  2. Programme (months)
  3. Incubator / Workstream (years)

Short on time?

try one of these templates:


Related Questions

See all Questions

Answer Count: 1 When was the question asked? 2016/06/02 10:36:43 AM By .