A framework for more accurate innovation measurement
One of the biggest challenges for innovation teams is at the front end of the product development process, when decisions related to new business models, technology oppotunities and intellectual property rights must be made, often in the absence of concrete data. This in-depth article offers one practical framework that can help companies to develop more accurate innovation measurements based on a combination of quantitative and qualitative research.
When it comes to innovation, traditional measurement indicators used by businesses are rarely useful, and are usually lagging indicators – such as the number of patents or ideas. Innovation, on the other hand, is forward looking, and indicators used to drive innovation initiatives are all but absent.
One of the biggest challenges for innovation teams is at the front end of the product development process, when decisions related to new business models, technology oppotunities and intellectual property rights must be made, often in the absence of concrete data. Some aspects of innovation capability can be measured directly, but others are “soft” issues that involve human judgment. In these cases, subjective evaluations must be made that incorporates both quantitative data and qualitative data collected from individual views.
In response to this need, a team of Swedish innovation researchers from Lund University, Lulea University of Technology and the Royal Institute of Technology developed a measurement tool called MINT (Measuring Innovation Capability in Teams) which offers one solution to the challenge of measuring innovation. It is focused on four areas: innovation elicitation, selection, impact and ways of working. For each area, indicators are provided, which can be used as inspiration in the development of a customized measurement program.
It is important to characterize not only what is easily measurable, but also aspects which are inherently subjective and difficult to describe quantatively. Candidate measurement indicators thus include examples of both hard numbers and soft, subjective judgments. The MINT framework has been developed mainly for teams responsible for innovation within various organizations but may also be of inspiration for departments and divisions aiming for increased innovation capabilities.
This in-depth article offers fresh experiences, best practice and insights from how a number of multinational companies within the MedTech, telecom and manufacturing industries that have worked with the MINT framework to establish and implement their innovation measurement programs.
To read more of this report, please click here (PDF, 4.0 MB)
This in-depth report was originally published on InnovationManagement.se.