Episode #186: The One Metric That Matters for Corporate Innovation
What gets measured gets managed.
When it comes to corporate innovation, it’s easy to focus on metrics such as ideas captured by an idea challenge, the number of prototypes developed or experiments run.
But with most corporate innovation initiatives quickly degenerating into theatre, failure rates are running high (eg. 80-90% of innovation labs fail). Such failures ultimately lead to senior stakeholders withdrawing their support while intrapreneurs become increasingly dissatisfied and leave the organisation to seek out greener, more innovative pastures elsewhere.
This really hurts a company’s prospects for innovating in the long-term - something few companies can ill afford in today’s climate.
Corporates need to get more adept at identifying and monitoring the metrics that matter when it comes to their innovation programs if they are to avoid such pitfalls.
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