Q&A: How Should you Budget for the Launch of Your Innovation Program?

We’re trying something new  — a way to get your questions answered by others in the Innovation Leader community, or let you help out someone else. Every few weeks, we’ll send out a newsletter with a member-submitted question and ask you for your advice/experience/input. (If you’re not getting our newsletter, you can sign up here.)

Last week, we asked:

    How have you budgeted for the launch of your innovation program? Was it based on a percent of revenue? What were the key “buckets”of spend? How did staffing evolve?

Below, we’ve summarized a few of the top answers from the community.

• • •
Zero-based, activity-based — Aerospace industry respondent
“Year 1 was zero-based budgeting for the scale required to start the activities we proposed to begin in year 1. Year 2 is a combination of activity-based zero-based budgeting for the team, and ROM business cases for the long term business outcomes (opportunity size) given near-term learning value (replacement for revenue/earnings) and current year spend requirement for activities (cost) to deliver the learning value.”

... continued ...

Gated Article Promo

Read the rest of the article ... and give IL a test drive!

Complete the form below for a 14-day trial of Innovation Leader, including access to case studies, research excerpts, live calls, and other resources. Got questions? Get in touch »
Watch this quick video to see the main benefits of Innovation Leader membership.
Innovation Leader
What Is Innovation Leader?
Are you responsible for creating new growth in a large organization? We've got you covered. IL members get full access to our research, articles, case studies, live events, webcasts & conference calls, downloadable resources and more. Become a member »

Case Studies, Articles
Members-only online access to articles, case studies, best practices, video tutorials, more.
Exclusive reports on topics including metrics, benchmarking, labs, compensation, and more.
Member discounts to our one-of-a-kind, loved-by-participants live learning events.
Dozens of downloadable checklists, innovation frameworks, spreadsheets, and dashboards.
Learn More & Become a Member