Measuring Open Innovation – 3 Key Principles to Improve Your Innovation Measurement Practices– Part 1

ABSTRACT:
Obviously, since innovation by nature is a non-routine, creative and unpredictable task, metrics might seem like something for the Controller-nerds, rather than a common skill that is central to the innovator’s DNA. And while many argue that too much measurement stifles innovation, it still remains key for the survival of every business. Assessing progress and measuring the impact of your innovation activities enables you to change your strategy before mistakes become expensive or great ideas are refused. While the development of innovation metrics in general is still an emerging discipline, there is absolutely no clear guidance on how companies should approach them in order to measure the success of their open innovation initiatives. Anyway, in these times of fast changes, there is actually a good chance that the ‘old’ systems you set out to measure innovation won’t match the challenge you’re going to face when piloting the new and emerging trends of open innovation.

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