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ROI redefined
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REAL ROI(Return On Imagination)
© Idea Champions, 800-755-IDEA
We dedicate this show to all top-of-the line
managers whose job it is
to watch the bottom line.
We know your job isn’t easy,
having to balance short-
term needs with long-term
development efforts.
We know you are operating under a lot of
constraints and everyone seems to be competing
for the same resources.
The innovators think you’re too
conservative and the
conservative folks think you’re too
innovative.
You can’t afford to fail and – at the same time –
you can’t afford not to try
something different.
Clearly, you need a breakthrough,
but you also need to make sure
things don’t break down as you
proceed.
It is in these rough waters that you find
yourself repeating the same 3 letters
whenever approached by a
starry-eyed innovator.
ROI
In French, it means “King.” In your world, it has become king. It is
the criteria you use to decide on what projects to
fund.
But ROI is a funny thing – a guess at
best, an attempt to foresee the
future (based on the past) and your
own gut feel.
What business leader doesn’t want
a good return on investment?
Anyone in their right mind (or is it
right brain?) would.
The problem is this: even the
savviest of business leaders
don’t always know what projects will
result in a good ROI.
And the challenge
becomes even stickier when you
are aiming for game-changing
ventures.
Who could have foretold Chester Carlston’s ROI
when he invented xerography?
Who could have guaranteed 3M’s ROI
when Art Fry came forward with the idea
for the post-it?
Who could have predicted Dell’s ROI when Michael Dell
conceived the notion of going direct to the
customer?
And of course, the opposite is true, as well. “Sure things”
don’t always result in a profitable ROI.
Petco bombed in its attempt to go direct to the customer. And Enron’s
creative partnership scheme? Polaroid’s
attempt to reinvent itself?
No one can deny the fact that ROI is a useful tool when it comes to easily measurable projects.
But it is far less useful when it comes to
evaluating the viability of an innovative new product or service.
Well then, what is a forward-thinking,
bottom-line oriented business leader to do?
Is there any hope?
Yes, there is. (And in the words of nobel-prize winning
physicist, Niels Bohr, the hope lies
in the basic paradox of it all).
“Now that we have met with paradox,” said Dr. Bohr, we
have some hope of making progress.”
And the paradox for YOU, as a key
decision-maker with the challenge
of growing your business during
these tough times?
How to take a risk without
seeming to take a risk that will be
risky for you to explain to your
risk-averse peers.
HINT #1: Small companies do this
better than big companies and start-
ups do this better than small companies.
HINT #2:
(from Albert Einstein) “Imagination is more
important than knowledge.”
AND SO... If you are trying to decide whether or
not to fund any organizational efforts
to spark innovation.
ASK YOURSELF:
1. Will it open minds?2. Spark new ideas?3. Challenge old assumptions?4. Teach new tools?5. Increase collaboration?6. Catalyze commitment?7. Quicken communication?8. Energize the workforce?9. Get results?
Yes, ROI is important.
All we’re asking you to do is expand your definition
of it to include a new, perspective…
Return On Imagination
The results won’t show up overnight, but then again how long did it take for vulcanized rubber to go from concept to execution? The PDA? The
post-it? The ball point pen?
Your company’s biggest capital asset? The collective brainpower, imagination, and commitment of its workforce.
Invest in that!
“If not you, who? If not now, when?”
Idea Champions • 800-755-IDEA