Earlier this year, we were approached by the innovation leader at a $4 billion company to discuss innovation benchmarks. Specifically, this executive wanted to gauge what “good performance” looks like when it comes to innovation programs that have been in place for several years.
We immediately got on the phone with other innovation executives to collect their data, but were surprised with what we heard: Most had none. A few had benchmarked against a single company.
As a result, Innovation Leader is embarking on a major benchmarking report for readers.
The goal is, well, your goal. That’s why we need your input.
What do you need to compare your performance to other programs? How do you measure your progress and success? We want to keep it simple enough to be applicable across industries — and so participation won’t be a time sink — but detailed enough to be useful.
Here’s our short list of data, provided by other innovation leaders, that appears to be of interest to our readers so far. Feel free to add more in the comments or e-mail us. Tell us what else would be relevant to you — or what here is irrelevant.
1. Number of Projects in Key Stages:
a. Total Projects In Pipeline
b. Projects at Prototype Stage
c. Projects Being Piloted
d. Projects in Market / Time Spent Developing
2. Percentages of Projects Making it to Each Stage (above)
1. Spend in Key Categories:
a. Research (i.e., ideation)
b. Projects (i.e., ideas get far enough to have costs)
c. Infrastructure (i.e., labs, networks, servers, equipment, etc.)
2. Percentage of Spend among each category, above
3. Percent internal spend vs. external spend
1. Average time to kill projects
2. Average cost to kill projects
1. Revenue per new product introduction (for those in market)
1. Company size (i.e., employees and revenue)
2. Maturity of Innovation Program (i.e., age and/or other maturity metrics)
3. Size of Innovation Program (i.e., full-time staff numbers, overall budget, other resources, etc.)
4. Who does program report to?
What are we missing? What do you need to compare your success with others?
When we field this study, we will be looking for companies with innovation programs that have been in place for two or more years. Let us know if you’re interested in participating; all participants will be anonymous, and they will all receive a copy of the final study.
Please get in touch with your feedback, or to volunteer to participate.