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The Managing Director of your company has asked you to give her some clear guidance on what they should measure to ensure their investment in innovation is worthwhile. What would you suggest
as possible measurement targets, and why? BY VALUE! Value to me and value to you might be different. One woman might want a family and hold that as the highest value. On the other hand,
another woman might want a fancy car with no family. Business is the same way. Sure, the idea is to succeed. How the business values success might be different. So my boss has a business
plan and I would need to know what she values, in order to know what our targets are. Innovation is always happening. However, it is all about well-calculated decisions. A company needs to
evolve or else it could become the next Blockbuster. They had the potential to become what Netflix is now but didn’t try to innovate. Our targets should stay within our limits, and be
well-calculated. Starbucks could probably sell their Pumpkin spice drinks all year round, but they sell them only in the fall. Why? Because it doesn’t make sense to sell them in the spring.
On a side note, I don’t like pumpkin drinks or Starbucks. I would never suggest to my boss to overstep our boundaries, but we should always continue to look ahead and be innovative. Make
sure it meets our values and won’t bankrupt us if it fails. Ford should not make clothes, but license their images to be on clothes is a great idea. PS- it’s been a real pleasure working
with all of you and Mrs. Waldo. We are all so close to finishing, let’s keep it going! Moss, R. (2016). _How to Measure the Value of an Innovation Initiative: Is it Really Worth the
Investment?_ StackPath. Retrieved September 30, 2021, from
https://www.industryweek.com/innovation/article/21981536/how-to-measure-the-value-of-an-innovation-initiative-is-it-really-worth-the-investment.