Can we actually the success of innovation? We always look at success in relation to good return on investment, among other things. However, the root of a start-up with a good ROI is a thriving infrastructure that supports innovation. But measuring innovation is hard, I mean really hard.
How do you measure something most people don’t even quite understand?
We sent out a note to entrepreneurs far and wide to find out how they measure innovation and what is success to them. We’ve compiled their responses to get a general list together by using the most common metrics they shared.
Find out why most innovation labs fail
The need to hire
Innovation has a few side effects. You tend to grow and you always need to hire because of that. Looking at successful innovation ecosystems, people are always looking for talented people to join their teams and this is a good sign for many companies.
Tying it back to innovation is possible if you notice people coming to you, in order to be part of your growth and not the other way around.
This one requires you to understand and be in tune with your employees, clients and overall atmosphere in your company. When you notice a positive change in attitude, mindset and overall demeanour, it is often an effect of a positive innovative culture.
People change according to their environment, so fostering an innovative culture will slowly change your employees and help them step-up their game.
Strategy comes first in innovation and here’s why
You build a network
Innovative companies attract others like them to either join forces and learn together. The network of real partners and contacts you build is crucial to measuring how successful your innovative culture really is.
But can Southeast Asia actually support innovation…?
The most important question is how do you create and foster innovation, and the startup world is the best place to start. By encouraging and nurturing entrepreneurs, you’re directly contributing to an overall ecosystem of innovation in the region.