Vincent from Board of Innovation breaks down the Innovation Matrix, a 2×2 framework that sorts 16 innovation initiatives by focus (internal or external) and investment level. It identifies four archetypes: Explorers who do external discovery, Hunters who chase external business, Experimenters who run low-cost internal projects, and Builders who fund transformation like innovation offices.
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Hi, I'm Vincent from Board of Innovation. Over the past years we've noticed that many organizations struggle with identifying the innovation activity that makes most sense for their organization. So that's why we've developed the Innovation Matrix. The innovation matrix compares 16 innovation initiatives based on two parameters. The first one is the focus, from internal to external focus. And the second one is the investment, from high investment to low investment. If you map out these 16 initiatives on those two parameters, you get four archetypes of organizations, basically four types of organization structures or innovators. The first archetype is an explorer. Explorers discover connections with the outside world, they set up co creations, they set up external incubators, etc. Etc. The second type are hunters. They co create actual business, they set up venture funds or co development tracks to really get business results straight away. If we look at the other side of the matrix, we can see two other archetypes. The first one is experimenters. Experimenters spark interests among their employees by doing trainings or incubators. Whereas builders, they go the next level, they do higher investments and they really want to transform organizations from the inside out. Example of activities could be innovation transformation offices or internal accelerators. So this is the overall overview of the Innovation Matrix. Make sure to go to boardofinnovation.com tools. You can download this and many other tools for free on the website. If you have any questions, feel free to reach out. We're happy to help.
