The Price of Bright Ideas

Shades of our recent conversation with Alan Robinson and Dean Schroeder, authors of Ideas Are Free, a white paper released by Imaginatik last summer goes far to address the ROI of idea management.

In the 17-page PDF, Mark Turrell, the research firm’s director, outlines the costs of idea management, as well as its benefits. Among the costs:

  • Advisory services
  • Manpower
  • Process
  • Training
  • Technology
  • Reward and recognition

The white paper also covers the main types of return on investing in ideas:

  • Return from specific ideas
  • Return from improved innovation processes
  • Return regarding corporate objectives

Rather general, no? Thankfully, Imaginatik breaks ROI down even further:

  • New Markets for Existing Products
  • New Products and Concepts
  • Revenue Acceleration
  • Cost Reduction and Productivity Improvement
  • Process Replacement
  • Avoiding Waste by Selecting Quality Concepts
  • Employee Involvement
  • Strategic Goals and Specific Targets

Is the report missing anything? What other specific ROI would you add to the mix?