Innovation Quotient is an objective measure of the value of ideas that allows you to measure the value of ideas before spending time or money on development. This greatly reduces the most commonly stated barriers to innovation. It works by using principles of Predictive Innovation that allow you to map the entire idea space. This increases, profits, reduces, risk, and neutralizes competition. And with Innovation Quotients you can measure the value of ideas before, during and after launch.
Innovation is nearly universally recognized as important to long term success. Despite the accepted need for innovation, most organizations struggle to innovate. Most approaches start with the mistaken believe that creativity is the source of ideas or random inspiration. That approach causes unpredictable results which leads many companies to avoid future attempts because of perceived risk.
When you first realize that innovation is predictable, you discover it can be measured like any other process. Objective measurements for innovation are essential for success. Without objective measurements for innovation, executives do not have the tools needed for decision making. Predictive Innovation gives you the tools to measure, identify, and deliver high profit, low-risk innovations on demand.
There are two main types of measurements for innovation:
Ideas fit two general categories, "What to Make" and "How to Make It". To properly measure innovation you need to measure the Quality of Ideas of What to Make, the Quality of Ideas of How to Make It, and Performance of Making It. For measurements of ideas to be useful for decision making they must reveal the quality of ideas before those ideas are implemented.
Until now there hasn't been an objective method of measuring the quality of ideas. Without an objective measurement of the quality of ideas the innovation process is unpredictable. The average failure rate of new products at launch is 40%, despite wide spread use of processes like Staged Gate. Without a way to measure the quality of ideas it's impossible to attribute the cause of failure to performance or to planning. Until you have a way to measure the quality of ideas you can't effectively measure or manage performance of delivering those ideas.
Predictive Innovation allows you to describe the entire idea space so that you can calculate the Innovation Quotient.
The full 11 page report "Innovation Quotient: Measuring the Value of Ideas." is free for all members click here to download.