InnovationIQ – The Moneyball Approach to Innovation

Innovation. How does a company become great at it?

I joined Innovation360 because I believe that the company has really found a good solution for how to actually address that question. At Innovation 360, we believe that taking a quantitative approach is the way to go. Just as in the book Moneyball by Michael Lewis, where he describes how the Oakland As took a statistical approach on how to win by assembling players with the best skills on a tight budget, we believe that analyzing the innovative capabilities of a company leads to much better results when implementing an innovation strategy. This way, we know which actions will really count and which will only waste organizational energy. Just as Billy Bean didn’t have to spend big money to acquire a winning team.

Here is a short breakdown of how Innovation360 does it:

  1.    Find your InnovationIQ

We measure your unique set of innovation capabilities and get a general score for where the company is in terms of benchmarks. The InnovationIQ can form a baseline and KPI for your innovation work going forward and displaying your score prominently strengthens your reputation as an innovative company. You can read more about InnovationIQ here.

  1.    Capability deep dive

Once the measurement is done and a general score has been established, A deep dive is done to establish where the weaknesses and strengths are. You can read more about the deep dive here.

  1.    Analysis and recommendations

By digging deeper in to the data we are able to give general recommendations for how to address weaknesses. Here we can also take the aspirations of the organization in to account and guide the organization towards the kind of innovation strategy they are looking to implement. You can read more on the process of strategy recommendations here.

  1.    Change management, identification of initiatives, and system implementation

This is where Moneyballing becomes more complex, but we still do it! We do external analysis to identify initiatives for growth (soon to be released as a product). We help the organization implement a governance system for innovation initiatives and we identify a portfolio innovation initiative. Our work here may or may not include tactical hands on help with the execution of growth initiatives. In all aspects, we make sure your innovation initiatives are data driven.  You can read about innovation services at length here, and read more about innovation portfolio management here

The bottom line

Trying to increase your ability to innovate is not easy. By making sure that you have a good baseline, that you know strengths and weaknesses, and by making sure that the processes you implement are data driven, your chance of success is much greater. It is our experience that a data driven approach to innovation strategy development has proven much more successful than picking innovation initiatives from left and right such as a hackathon or brainstorms. These things have their place, but they must serve a purpose in the greater innovation system you implement.

Ready to try innovation Moneyball for yourself?

Start by trying out a sample measurement for free. It is easy, takes 15 minutes of your time and will show where to start. If you need help, just let us know with a quick email to info@innovation360group.com!