These eight Innovation Dimensions define the components that an Innovation Governance Regime must embrace. These are the areas where corporate governance should routinely review to be confident that the appropriate top-down leadership and scrutiny arrangements are in place.
The specific processes, training, review points and reporting mechanisms for each will vary depending upon the type and style of the organisation, but these eight items form the generic framework around which an Innovation Governance Regime is constructed. These headings provide a checklist to assess how well an organisation is protecting its future through innovation.
- Ideation – Originating ideas with potential for value creation
- Appropriating Value – Understanding what value is created and where it gets captured in the supply and consumer chains
- Supportive Challenge – How new ideas are efficiently nurtured, adapted and aligned with business needs
- Open Innovation – How assets are acquired from outside the innovation team, and how wider complementary assets are engaged or stimulated
- Rigorous Gates – A transparent process for approving progress through funding stages of an innovative idea, assuring buy-in and acceptance of risk/return profile
- Engaging Users – How the end-market is brought into the innovation process
- Incentives – How innovators, their teams and their managers are rewarded (whatever the outcome)
- Innovation Skills – How to equip innovation teams and their managers with the right tools and experience to perform innovation projects well
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