Zaur AICo-founder of openincubator.ie | Student Entrepreneurship Programme Manager @TCD

Why your company needs a dedicated innovation function

Name: Why your company needs a dedicated innovation function
Uploaded: 2022-10-11T12:30:11+00:00
Duration: 1 min 6 s
Channel: Zaur AI
Description: A short excerpt from a YouTube discussion about corporate innovation. The speaker argues that leaders often demand long-term revenue forecasts too early…

11 Oct 2022 · 1 min

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A short excerpt from a YouTube discussion about corporate innovation. The speaker argues that leaders often demand long-term revenue forecasts too early and proposes reframing early-stage innovation spending as "investing in learning" — focusing on the minimal investment needed to reach a decision point about further funding.

Chapters

Sometimes leadership they don't ask the right questions at the right time. Like a team just walks in it's a brand new idea and they're already asking them for revenue in year five. Like how am I supposed to know what the revenue is going to be in year five when I'm not even sure if the customer is going to buy whether they're willing to pay or how much they'd pay. So the real question on deck is can we change the conversation a little bit where typically in those conversations you have to promise me a return before I make an investment. Can we actually change that framing for innovation to say we're investing in learning? The question is what is the level of investment? How little do we need to invest in order to move the project forward to a state where we can make a decision on whether to keep investing? I think that's a real important distinction that we just need to make in these conversations. Sam.