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Innovation accounting is a methodology used by organizations, especially in the context of startups and product development, to measure and track the progress of innovation initiatives. It helps teams assess the value of their ideas, products, or projects and make informed decisions about resource allocation.
We're getting lost a bit here when we are bombarded with new info, i mean, what does methodology even mean?? Don't worry, let's simplify all of it.
*Imagine you have a big puzzle to solve, but you're not sure which pieces fit together. Innovation accounting is like a special way of keeping track of how well you're doing in solving that puzzle.
You just have to measure data after collecting it, and then learn from that measurement, change your strategies and plans if they are not giving you so great results after measurement, and most importantly, you keep trying
Well it's called the Key Metrics, Identifying and tracking specific key performance indicators (KPIs) that are relevant to the innovation project.
These metrics often go beyond traditional financial measures and may include user engagement, customer feedback, or product usage data.
For those whoe worked in customer service before, your KPI's are you average monthly performance indicators, how many calls did you get for how many minutes, how satisfied were the customers after every call, did you get enough surveys? What needs to be improved about your communication style? And so on and so forth.
A milestones is a really big name, I've always liked the meaning lying behind it.
Imagine you are on a trip, and then you get to explore a territory you've never visited before, believe me, the first thing you need to do is to set milestone, to mark where you been last, so that whenever you find yourself getting lost in an odd road, you always know the way back to the last milestone.
Now in business, setting clear milestones that indicate when the team expects to learn important insights about the innovation. These milestones help in assessing progress and making adjustments as needed.
You build a minimum viable product MVP, which you will build, distribute and then assess it's results and learm from them.
Okay look, Imagine you want to build an amazing treehouse in your backyard. The Build-Measure-Learn cycle is a way to make sure your treehouse turns out super cool.
Innovation accounting is the process of defining, prioritizing, and measuring specific, actionable metrics that demonstrate how much progress a startup is making.
Innovation accounting is a quantitative approach that allows us to see when we’re moving forward and when we’re spinning our wheels.
It's harder to ask the right question than to answer a hard one
The central idea of the book is that startups should adopt a scientific approach to creating and managing products. Instead of developing elaborate business plans and launching products based on assumptions, Ries advocates for a process of iterative learning and experimentation.
Curious about different takes? Check out our The Lean Startup Summary book page to explore multiple unique summaries written by Deepstash users.
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