Innovation ROI Best Practices
- Resource Type
- RTM Publication
- Publish Date
- 08/19/2024
- Author
- Greg Lemmon
- Topics
- Innovation, R&D
- Associated Event
- Publication
Many companies struggle to measure their innovation return on investment (ROI). ROI is complex and innovation has many inputs, outputs, stakeholders, and milestones. While it is not feasible to have measurements down to the exact dollar, companies need to have a solid understanding of their innovation spending, investments, and ROI to be able to manage, predict, and finance their innovation efforts. We undertook a research project to uncover commonalities and best practices for managing innovation ROI.
Greg Lemmon is the director of Special Projects at The Eureka! Ranch and Innovation Engineering Institute, where he develops new systems that enable organizations to innovate. Notable achievements include R&D of forecasting word-of-mouth awareness and its effects on the life cycle of new products, measuring the psychology and culture of innovation teams to predict the mindset and personality traits of the people who are more successful implementing innovation, and developing a model for predicting the fair market value of a technology or product that was vetted and endorsed by the National Institute of Standards and Technology.