Innovation metrics

Innovation and the M Word

“If you can’t measure it, you can’t improve it.”

Quotes on Twitter are popular for retweets, but I have found that these simple words written by Peter Drucker have generated much more than retweets. They also generate meaningful discussion about the "M Word," which is metrics.

Measuring innovation is tricky business, like nailing jello to the wall. There are objective inputs and outputs that can and should be measured. There are also subjective aspects, like mindset and culture, that are more difficult to quantify, but just as important.

Measurements, Metrics, and Innovation

How can we measure innovation? What are the metrics?

A discussion about metrics sounds about as exciting as a discussion about algorithms. But algorithms enable us to do really cool things. Same with metrics.

Measuring Inputs

Haydn Shaughnessy recently wrote in Gigaom about the need for new innovation metrics.

He notes that reputation is often the chief measurement of innovative companies. Outputs, like the number of new products or patents, are also easy to measure. He looks to inputs as a key indicator of innovation capability.