Is Innovation Associated with High Costs?
Implementing innovation into a company has been associated with high costs. However, such an important discipline is often misunderstood. With the emergence of digital technologies and open innovation platforms, generating new ideas is the least expensive of the chain. Ideas can be tested inexpensively using rapid prototypes and straw models before they go into the expensive production and implementation cycles. Successful innovation is not money expensive but time-expensive.
This research project focuses on what are the evaluation processes and matrices involved to provide justification for an idea to escalate into implementation? How can companies effectively allocate resources to innovate? What justifications can be made to spend money on experiments that might fail?
Participants may want to focus on research projects that look at changing perception. One project can define a better model to calculate ROI on innovative ideas. Another project can look at recognising business model impacts – particularly in supply and demand – on innovation.