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Reducing Innovation
Risk and
Maximising ROI
Today’s Presentation
• Innovation 101
• Return on Innovation Investment (ROII)
• Building and integrated innovation system
Mo
nit
ori
ng
& I
mp
act
Ass
ess
me
nts
Effective Planning
Unique Ideas
Effective Implementation
ROII(return on innovation
investment)
• Executive training
• Intrapreneur training
• Innovation Mgr support
• Policy & programs
• Governance• Strategy & plans• Outcome
measurement
• Challenge identification
• Idea identification/ideation
• Stakeholder engagement
• Idea feasibility• Research mgt• Ideas to market• Ideas to assets
• Start-up founder support
• Pitch preparation
• Researcher training
• Investor support
• Strategy
• Business plans
• Information memoranda
• IP due diligence• Patent landscape
analysis• Patentability
assessment
• Business model validation
• Prototyping• Licensee
engagement• Start-up formation
& management
= + +Skills &
Experience +
Smarter Innovation Solutions
Commercialisation• Start-ups• Research centres• Investors
Innovation Systems & Outcomes
• Corporates• NFP • Government
Ideathe result of thoughts grouped together
Innovationidentifying ideas, and their implementation, to improve something that already exists or to use it for another valuable purpose
Inventionnever-been-done-before manifestations of ideas that change how we do things and usually translate into functional objects
Innovation: What is it?
Innovation: What does it effect?
Innovate to grow
Innovativeideas thatcan grow
business inVOLUME.
Innovate todifferentiate
Innovativeideas thatimprove businessPROFITABILITY.
6
Innovation: When to do it?
Innovators
and Modifiers
Best Practice
16%34%34%16%
NOW
7
Innovation: When to do it?
Best Practice
NOW
Innovators
and Modifiers
2 YEARS
8
Innovation: Where to focus?
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Innovation: Why do it?
IIOR
Return
On Innovation
Investment
10
Innovation: How should it be done?
Gambling? System?
Idea Curation
Stakeholder Engagement
Outcomes
Idea Identification
Leadership and Governance
11
Meet Erik
• Senior Manager in the Department of Environment
• Experience in ‘making stuff happen’
• Loves working with new things
• Loves start-up companies
• Have attended a couple of short courses
About Me
12
Innovation Process
Discover Ideas
13
Discussion aboutthe Potential
14
Success
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ROII - ErikInvestment: $165,000
Returns: $xxxx
Idea Identification
$40,000 on ideation workshops generating 400 ideas
Implementation
2 ideas implemented ($25,000)- Coms platform- Drones for
monitoring
Identification + Implementation
200 person days used ($100,000)
Outcomes
- Only 20% of staff use platform
- Drone images not good enough
Other Benefits
- Staff enjoyed the workshops
- Management felt ‘innovative’
16
Meet Erik
• Senior Manager in the Department of Environment
• Experience in ‘making stuff happen’
• Loves working with new things
• Loves start-up companies
• Have attended a couple of short courses
About Me
17
Meet Jane
• Senior Manager in theDepartment of Environment
• Experience in ‘making stuff happen’
• Loves start-up companies
• Have attended a couple of short courses
• Love working with new things
About Me
• UNDERSTANDS THE IMPORTANCE OF IMPLEMENTATION & OUTCOMES
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It takes time to build
Getting strategies and plans in place.
Early Stage
Getting early outcomes that add value.
Mid Stage
System delivering outcomes that align with corporate strategy.
Mature
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Innovation System Elements
4
5
1
2
3
Leadership and Governance
Idea Identification
Idea Curation (POC)
Stakeholder Engagement
Outcomes
20
Building an Innovation System
Leadership and Governance
• Innovation incorporated in organisational strategy
• Innovation plan details activities and resource allocation, to support the organisational strategy.
Score 3
• Innovation plan revised annually to improve outcomes based on measured data.
• Innovation success measures included in performance agreements/KPIs for senior staff.
21
Building an Innovation System
Idea Identification
• Clear communication about types of ideas sought and why
• Use innovation management software for idea collection, assessment and management.
Score 3
• 4+ structured innovation activities each year.
• Ideas collected from internal and external sources, e.g. research centres, other industries.
22
Building an Innovation System
Idea Curation
• Staff understand what is required to submit an idea for assessment.
• Allocated financial resources for proof-of-concept/idea development activities.
Score 4
• Well-defined and tested assessment process at stage-gate decision point.
• Actively collaborate (e.g. other organisations, startups, universities, etc) for proof-of-concept activities.
23
Building an Innovation System
Stakeholder Engagement
• Communicate innovation program to entire organisation, via multiple channels.
• All staff are aware of the innovation program and innovation team.
Score 3
• 60% + staff actively involved.
• External stakeholders actively feed ideas into the organisation.
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Building an Innovation System
Outcomes
• Staff understand how innovation success is measured.
• Success criteria clearly defined and progress reported quarterly to senior management.
Score 3
• Regularly review, update and report on success to ensure alignment with organisational priorities.
• Minimum 3 x return on dollars invested.
25
Comparison
Investment Yr 1
$115,000
Outcomes
$xxxx
Investment Yr 1
$250,000
Outcomes
$xxxx
16 metrics out of 20
Idea Curation
Stakeholder Engagement
OutcomesIdea Identification
Leadership and Governance
VS
26
Today’s Innovation To-Do List
Innovation Integration Status
• 10 mins online
• Automatic report
Impact Innovation on YouTube
• Webinar recordings
• Short single topic videos
Innovation with Impact Blog
• ‘How to’
• Thought leadership
www.impactinnovationgroup.com
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