inspiring blockbuster ideas and innovation

INSPIRING BLOCKBUSTER IDEAS AND INNOVATION

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For additional information about Innovation

please visit www.InnovationGrow.com

www.InnovationGrow.com

Innovation, just as most business concepts, takes resources and a budget to make it a reality.

Making sure that the idea generation and innovative process has the resources that it needs to succeed is sometimes a difficult task. The financial officers have a difficult task of quantifying exactly how much should be spent when the return on investment (ROI) isn't easy to calculate.

You therefore have to caution your financial officers and executives to give innovation a large enough budget to succeed and the best way to do this is to have an innovation process ready to go.

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Trying to implement an innovation process with a conservative accounting style will hamper the process' ability to generate and implement blockbuster ideas.

This can also have a negative impact on long-term growth as the process needs enough resources to effectively generate ideas. Spreading the losses and gains over a few years may make conservative companies cringe but it has been shown to amplify the size of the innovation; as the ideas have more time to mature.

Creating and implementing a solid innovation plan that allows the testing of the idea to be carried out in a cost effective and quick manner will allow you to feed the ideas that gain traction and quickly end the ones that don't.

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Having an innovation plan and process will also allow you to determine the metric for what is a successful idea. Working with the financial officers and executives to quantify this metric will put everyone at ease with the innovation process.

Once there is a solid process and you have the metric, creating and inspiring the blockbuster ideas comes down to leveraging the creativity of your entire network.

Getting as many ideas through the testing process without limiting or pre-screening the ideas will be more costly but it will also uncover some unknown gems in your industry. Encourage creativity and reward the idea creation process and you will have no shortage of ideas to test; one of which may be your next blockbuster innovation.

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It all comes down to balance and making sure that you have a tight innovation process.

When you and your financial officers are comfortable with the budget and process let it work its magic and generate then test as many ideas as possible.

If you face any problems with cash flow or business process you can apply the innovation process to help solve these issues as well. When you set the budget for the innovation process make sure to add additional funds in order to iterate on the process itself.

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Financial conservatism is great for keeping capital and cash flow but if you require innovation, as almost every business does, you have to fund an innovation process.

Although the ROI may be difficult to calculate in the beginning, after the process has been running for some time you should be able to at least calculate some of the ROI if necessary.

Don't through money at innovation without a process, but once you have a solid process don't be afraid to fund it well.

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GROWING BUSINESS WITH INNOVATION

For additional information about Business Innovation

please visit www.InnovationGrow.com