Using a "budget pool" to reduce the cost of innovation

Using a "budget pool" to reduce the cost of innovation

To reduce the cost of innovation, companies can use an innovation budget pool that allows projects to access a proportion of the total allocated budget at each stage of their journey. Innovation projects usually cannot be planned in the same manner as traditional projects, so a budget pool allows for more flexibility and reduces bureaucratic red tape. In the innovation pipeline, projects need only validate the existence of the problem and product-market fit to access a portion of the budget pool. As projects progress through stages, they will require more resources, but because some projects will be killed at earlier stages, there will be proportionally more budget pool remaining for the surviving validated projects.

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Gender Role in Innovation

Equal mix of men and women in innovation process yields optimal results, as each gender brings a complementary effect that yields better results.

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What's Old is New: Innovation Lessons from 1177 B.C.

Innovation practitioners can learn from ancient history when trying to solve modern problems. The book, 1177 B.C. – The Year Civilization Collapsed, by Eric Cline explores various ancient anecdotes that can provide new and interesting approaches for overcoming innovation challenges.

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Top 3 Kanban Metrics for Tracking Progress

Learn about the Kanban method, a visual and collaborative approach, and the top three metrics for tracking progress to incorporate the method into your project management initiatives.

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