My teams are involved in Innovation activities, but I am not sure how best to represent this to stakeholders or exec board?
Here are 3 ways to arrange and communicate your Innovation Investment:
- Strategic Innovation Investment: Use an Eisenhower matrix to give simple picture.
- Innovation Type: Group by a) BAU, b) Incremental, c) Step Change
- Innovation Delivery Approach: Group by a) Hack Event, b) Programme, c) Incubator
By Matt Shearer . Published: 2016/06/02 10:36:43 AM, Last Updated: 2016/06/02 10:36:43 AM Answer URL
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:
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:
- “BAU”: A % of your team’s time is allocated to innovation projects. e.g “One in Ten” in many organisations.
- “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.
- “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:
- Hack Event (days)
- Programme (months)
- Incubator / Workstream (years)
Short on time?
try one of these templates:
- What templates can I use for New Product Development?
- How do I represent investment in Innovation?
- How do I setup an Innovation Programme in a large organisation?
- How do I make a business case for a Hack Event?