For a long time, Kevin’s company has been experimenting with putting in place an efficient model of innovation management. His management team realizes that innovation is an important value driver for large companies, but it is also tied to large uncertainty and failure risk. Finding an optimal way of organizing and financing innovation and its many dimensions and trade-offs would help his organization be more successful.
- How can Kevin get employees to submit innovative ideas that are the right fit for his company?
- How can he balance innovation ideas from the bottom up and top down?
- What incentives can he offer to researchers to foster innovation and keep them engaged?
- What financial tools can he use to help evaluate the performance of each idea over time to determine whether the innovation will be successful?
After studying the venture capital industry and its success with innovation, Kevin realizes that he can apply some of its best practices to help his organization manage innovation.
If you are in the finance industry, you need to understand the reasons why large companies perennially run into difficulties so you can help to avoid them in your organization. This course will explore how insights from venture capital firms can be successfully adapted to foster and manage innovation in your organization. This will enable you to:
- Explain the key trade-offs between controlling innovation expenses and processes and fostering innovative potential.
- Analyze the potential conflicts between the company and its innovative employees.
- Establish incentives that will motivate employees and support innovation.
Are you looking to improve the value of innovation in your organization? If so, the Accenture Academy course Applying Financial Tools to the Management of Innovation will provide insight into how to effectively manage innovation in your organization. Implementing just a few financial tools and best practices from the venture capital industry can help you adopt a more results-driven approach to innovation in your organization.