Advancing Innovation

PART IVThe Third Element: Measuring Innovation—It Only Counts If It Adds Value!

Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.

—Steve Jobs

You are on a journey to create an Innovation Elixir, a potion for your business so that you can lead, support, drive, and reap innovation value! This section describes the third element of this potion: measuring. By now, I hope you are discerning the first of the basic ingredients of your core elixir formula. I also hope you have learned about the specific adjustments you’ll need to incorporate for success in your business, culture, and environment:

• You have galvanized your organization—your employees, suppliers, customers, and other constituents are ready to innovate, and they know that you value, support, and require innovation in your business.
• You have enabled your constituents. You have implemented multiple innovation channels—mechanisms that can solicit, collect, evaluate and monitor, and report on innovation projects. You have multiple channels to activate the largest number of your employees, customers, and other constituents because you know that people are different by nature and will respond to different innovation channels. By having multiple channels, you know how to reach as many people for their contributions as possible.
• That now ...