How Should We Measure Innovation?

A company in my Danish network group recently created a global innovation management department whose task it is to strengthen and systematize innovation and innovation processes in their Global Research unit as well as across the organization.

The ultimate goal is to enhance and make visible the value creation that happens through targeted research and discovery activities in the enterprise as a whole.

How can you set goals, which can monitor and quantify this value creation and thus boost innovation? This is a big challenge and it would be great to have a discussion that can help share insights and inspirations among the innovation community.

The company asked some questions that I think work well as discussion starters:

How do you assess the quality of an innovation management governance system (idea / project stage gate systems)?

How do you measure innovation (i.e. the translation of something creative to something productive) of a research department?

Which parameters can be used to develop KPI’s in terms of innovation goals?

It would be great to hear your input on this.

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Stefan Lindegaard is a speaker, network facilitator and strategic advisor who focus on the topics of open innovation, intrapreneurship and how to identify and develop the people who drive innovation