How can you look into the future of an innovation-in-progress and guarantee that your investment will pay off?

Start measuring now.

Our definition of innovation is the synchronized intersection of the consumer insight or need — the idea, product, service or business model that fulfills that need — and the communication that connects the two.

But for many companies, even after these three crucial elements of innovation have been identified — innovation still fails.

Why?

Well, it might be that the product was rushed to market too quickly, or that the consumer insight turned out to be wrong, or even that the entire process was inadequate to begin with. There are many causes, but one underlying reason for most innovation failures:

Too many companies sprint toward the end-result without checking progress along the way. Their lack of guidance when taking an idea from mind to market cripples the effort.

So what can you do to change that?

We’ve developed an Innovation Power Score measuring system that allows us to drastically improve our chances for success. With it we can measure and monitor all three elements of innovation: Need, Idea and Communication. Our system uses these three indexes to benchmark progress and evaluate innovation:

Insight index
Idea index
Communication index

The result is an Innovation Power Score, which gives us the foresight to adjust and adapt — to better the chances of generating top line revenue and project success. By using our highly predictive, holistic approach to evaluating game changing innovation, we help drive our clients to uncover the strongest consumer need, develop the best solution for that need, then build the most strategic and effective ways of communicating that solution to the market.

So innovation no longer needs to be a guessing game. By utilizing regular success measurements, it can very nearly become a predictable science.

Have you seen the new Maddock Douglas Homepage?

Follow Maddock Douglas on Twitter

Read More In: News, Rumors, Gossip, & Trends Innovation Discussion Future Trends New Products, Services, and Business Models Innovation Community Ideas