You are previewing Making Innovation Work: How to Manage It, Measure It, and Profit from It, Updated Edition.

Making Innovation Work: How to Manage It, Measure It, and Profit from It, Updated Edition

  1. Title Page
  2. Copyright Page
  3. Praise for Making Innovation Work, First Edition
  4. Contents
  5. Introduction to Updated Edition
    1. MIW’s Formula for Success
    2. New Perspectives Emerging from Recent Experience
    3. Conclusion
    4. Endnotes
  6. Introduction
    1. Objective of This Book
  7. 1. Driving Success: How You Innovate Determines What You Innovate
    1. Innovation Is the Power to Redefine the Industry
    2. The Innovation Imperative: Driving Long-Term Growth in Top and Bottom Lines
    3. How to Make Innovation Work: How You Innovate Determines What You Innovate
    4. The Rules of Innovation
    5. Summary: The Innovation Company
  8. 2. Mapping Innovation: What Is Innovation and How Do You Leverage It?
    1. A New Model of Strategic Innovation
    2. Business Model Change
    3. Technology Change
    4. Three Types of Innovation
    5. Innovation Model and the Innovation Rules
  9. 3. Choosing Your Destiny: How to Design a Winning Innovation Strategy
    1. Choosing the Right Strategy
    2. Play to Win and Play Not to Lose Strategies
    3. Too Much of a Good Thing
    4. Clearly Defined Innovation Strategy Drives Change
    5. Do You Select an Innovation Strategy?
    6. Risk Management and Innovation Strategy
    7. Innovation Strategy: The Case of the Pharmaceutical Industry
    8. Strategy and the Innovation Rules
  10. 4. Organizing for Innovation: How to Structure a Company for Innovation
    1. Organizing for Innovation
    2. Developing an Internal Marketplace for Innovation
    3. Outsourcing Innovation
    4. Integrating Innovation within the Organization
    5. The Leadership Role
    6. Organization and the Innovation Rules
  11. 5. Management Systems: Designing the Process of Innovation
    1. Systems and Processes Make Things Happen
    2. The Objectives of Well-Designed Innovation Systems
    3. Choosing and Designing Innovation Systems
    4. Management Systems Comparison
    5. Electronic Collaboration
    6. Management Systems and the Innovation Rules
  12. 6. Illuminating the Pathway: How to Measure Innovation
    1. To Measure or Not to Measure?
    2. A Balanced Scorecard for Measuring Innovation
    3. Designing and Implementing Innovation Measurement Systems
    4. The Barriers to Effective Performance Measurement
    5. Measurement and the Innovation Rules
  13. 7. Rewarding Innovation: How to Design Incentives to Support Innovation
    1. The Importance of Incentives and Rewards
    2. Motivation
    3. A Framework for Incentive Systems’ Design
    4. Setting Goals for Measuring Performance
    5. Performance Evaluation and Incentive Contracts
    6. Incentive Contracts
    7. Key Considerations in Designing Incentives Systems for Innovation
    8. Incentives and Rewards, and the Innovation Rules
  14. 8. Learning Innovation: How Do Organizations Become Better at Innovating?
    1. The Importance of Learning
    2. A Model of Learning
    3. Learning Systems for Innovation
    4. How to Make Learning Work in Your Organization
    5. The Dynamic Nature of Innovation Strategy
    6. Learning and the Innovation Rules
  15. 9. Cultivating Innovation: How to Design a Winning Culture
    1. How Culture Affects Innovation
    2. Is Innovation the New Religion?
    3. The Danger of Success
    4. Organizational Levers of an Innovative Culture
    5. Different Country Cultures Breed Different Innovation Cultures
    6. People and Innovation
    7. The Role of Senior Management
    8. Culture and the Innovation Rules
  16. 10. Conclusion: Applying the Innovation Rules to Your Organization
    1. Combining Creativity with Commercial Savvy
    2. Smart Execution
    3. The Role of Leadership
    4. Diagnostics and Action
    5. Organizing Initiatives
    6. Generating Innovation Value
  17. Endnotes
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
  18. Bibliography
  19. Additions to Bibliography for Updated Edition
  20. Index

6. Illuminating the Pathway: How to Measure Innovation

To Measure or Not to Measure?

“I agree that innovation is a tricky thing to bring about. Companies want it but focus on the wrong things.”

—Art Fry, developer of Post-Its1

From the amount of time and number of pages that have been devoted to the topic of performance measurement in the last decade, you might imagine that we know all we need to know. Frankly, many companies do not have this issue adequately covered.

Measurement is both fundamental and critical to success with innovation. However, you would not know it by the amount of thoughtful text or time given to discussing innovation metrics.

It is not enough to simply pick several areas, use whatever you happen to measure, and expect ...

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