If you want to foster innovation in your organization, you need to track, measure, and incentivize its progress. Each innovation initiative is different. We start by looking at what needs to be learned or unlearned at each stage of the process. After that, look for ways to reward the speed of learning. Incentivize teams to test assumptions in the market. In other words, encourage action and experimentation.
Here’s a list of innovation metrics to consider:
- The number of employees who have received or are receiving innovation-related training.
- Employee perception of your organization’s innovativeness.
- The number of ideas in the innovation pipeline and at what stage.
- The time an idea spends in each stage of your innovation pipeline.
- The velocity of the ideas through each stage of the pipeline.
- The number of new products launched.
- Percentage of revenue generated or expenses saved each year from new ideas launched.
What other innovation metrics do you use? Let us know at email@example.com
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