Innovation objectives are goals to improve things by an order of magnitude. Innovation typically requires experimentation, risk taking and creativity. As such, innovation objectives may involve greater levels of uncertainty than a typical business objective that aims for predictable and quickly obtainable improvements. The following are common types of innovation objectives.
TimeMaking things faster, or potentially slower if that has value. For example, a manufacturer of high speed trains with a goal to make trains faster than flying for major domestic routes including the time to get to an airport.Getting more output for an hour worked. For example, a team of 5 software developers who want to optimize their architecture, designs, work processes and toolset to out-code a competitor with 1000+ developers.
Getting more output for a unit of input. For example, an architect with an objective to use passive design to produce buildings that consume 80% less energy for heating, cooling and ventilation.Making things easier for customers. For example, a nation aims to produce a simplified tax code that is fair, progressive and stimulative that requires less than 2 hours a year of administrative work from the average small business owner.
Transforming quality such as inline skate wheels that last 30x longer than current products on the market.Solving an unsolved problem such as curing a disease.Customer experiences that represent a leap forward such as an amusement park attraction that provides a new level of realism.
Dramatically reducing a risk. For example, a mode of transport that is an order of magnitude safer than alternatives.Performance targets such as the speed of an algorithm.
CompetitiveA competitive advantage such as an automation that reduces the cycle time of an order fulfillment process by 90%.
Developing superior know-how and valuable intellectual property.Transforming a process that isn't likely to end well to one that has a bright future. For example, an energy source that has a very small environmental footprint that can be scaled to meet global needs.Innovation objectives that aim to make life better such as an urban design that transforms a neighborhood.
MoonshotA moonshot is a significant innovation that takes an extended period of time to achieve.
This is the complete list of articles we have written about innovation.
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How to measure innovation including early stage, late stage and overall program metrics.
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The common types of commercialisation.
The common types of business objective.
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The common types of price objective.
The definition of quality objectives with examples.
The common types of sales objective.
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