Managing breakthrough innovations: success factor #7 of 15

Have you adjusted your evaluation logic lately? This is the seventh article of a series we will be publishing in the next weeks based on the findings of a recently conducted benchmarking study. These findings will be more deeply discussed in the next Technology and Innovation Management Conference in Aachen on October 18th-19th.

Here is the success factor #7 of 15:

"Always adjusting the evaluation logic"

A continuous and phase-dependent assessment can limit the investment risk in the development of breakthrough innovations. Best-practice companies take on different perspectives and use customer-oriented evaluation criteria such as the degree of innovation or the potential to address new customers when evaluating innovations. Furthermore, successful companies establish interdisciplinary evaluation teams, especially in the ideation phase.

In committees, middle and lower management are included in the evaluation and a "multi-eye" principle is implemented. These expert assessments provide both explicit and implicit knowledge for the evaluation of breakthrough innovations, which increases the accuracy of the results. In later development stages – for example the commercialization phase –, criteria such as the performance of an innovation or the market traction become increasingly important. For this purpose, successful companies integrate recipients of innovation into the evaluation process and trust in the intelligence of the crowd.

Join us at our Technology and Innovation Management Conference on October 18th-19th in Aachen and learn to apply this and many other success factors to your company, to design a future-oriented technology and innovation management.

For more information please visit www.tm-tagung.de