Tag Archives: innovation

Innovation cost chart

It is not unusual to find a situation within a company where an opportunity for innovation exists but management resists the idea for fear of the potential costs. It is an understandable fear. Putting time and money into an idea that is unlikely to pay off is in nobody’s interest. However, there are times when failing to act on an idea will cost the company in the long run.

I think this scenario where managers need to decide on whether to invest in innovation is a common one that most people are familiar with. To make it easier, I intend to make a chart which will allow basic inputs so the cost of innovation can be fairly estimated and the likely returns in the long run will be clear. Hopefully, when people see output like this:

it will be a little easier to convince the bean counters to invest when in innovation when they should.

I have spread myself quite thin at present so I expect this will have to wait a few months before I make a move on it.