Making sure that the idea generation and innovative process has the resources that it needs to succeed is sometimes a difficult task

1. INSPIRING BLOCKBUSTER
IDEAS AND INNOVATION
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Innovation, just as most business concepts, takes resources and a
budget to make it a reality.
Making sure that the idea generation and innovative process has the
resources that it needs to succeed is sometimes a difficult task. The
financial officers have a difficult task of quantifying exactly how much
should be spent when the return on investment (ROI) isn't easy to
calculate.
You therefore have to caution your financial officers and executives to
give innovation a large enough budget to succeed and the best way to
do this is to have an innovation process ready to go.
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Trying to implement an innovation process with a conservative
accounting style will hamper the process' ability to generate and
implement blockbuster ideas.
This can also have a negative impact on long-term growth as the
process needs enough resources to effectively generate ideas.
Spreading the losses and gains over a few years may make conservative
companies cringe but it has been shown to amplify the size of the
innovation; as the ideas have more time to mature.
Creating and implementing a solid innovation plan that allows the
testing of the idea to be carried out in a cost effective and quick manner
will allow you to feed the ideas that gain traction and quickly end the
ones that don't.
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Having an innovation plan and process will also allow you to determine
the metric for what is a successful idea. Working with the financial
officers and executives to quantify this metric will put everyone at ease
with the innovation process.
Once there is a solid process and you have the metric, creating and
inspiring the blockbuster ideas comes down to leveraging the creativity
of your entire network.
Getting as many ideas through the testing process without limiting or
pre-screening the ideas will be more costly but it will also uncover some
unknown gems in your industry. Encourage creativity and reward the
idea creation process and you will have no shortage of ideas to test; one
of which may be your next blockbuster innovation.
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It all comes down to balance and making sure that you have a tight
innovation process.
When you and your financial officers are comfortable with the budget
and process let it work its magic and generate then test as many ideas
as possible.
If you face any problems with cash flow or business process you can
apply the innovation process to help solve these issues as well. When
you set the budget for the innovation process make sure to add
additional funds in order to iterate on the process itself.
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Financial conservatism is great for keeping capital and cash flow but if
you require innovation, as almost every business does, you have to fund
an innovation process.
Although the ROI may be difficult to calculate in the beginning, after the
process has been running for some time you should be able to at least
calculate some of the ROI if necessary.
Don't through money at innovation without a process, but once you
have a solid process don't be afraid to fund it well.
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7. GROWING BUSINESS WITH INNOVATION
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