Ernst&Young Advisory and RWTH Aachen University joined forces to break down the topic open innovation. They proposed a first approach of how we should look at open innovation metrics introducing 3 key principles to improve innovation measurement practices. The first part of their discourse focuses on outlining the framework for open innovation performance measurement.
- The level of complexity of initiatives driven by open innovation far exceeds the one which corporate innovation teams in traditionally executed innovation projects have to deal with.
- Only the combination process, input and output (outcome) metrics can provide a meaningful understanding of the cause-effect relationships of your project.
- Appropriate metrics need to be developed that help to quantify the new critical success factors of your open innovation initiatives.