Build business partnerships

Open Innovation Metrics.

This tool helps us decide which key indicators of innovation performance are most important and to evaluate the overall value that each partner gives and gets. For sustainable partnerships it is important to define and agree each metric from both points of view. For example there are often two sets of profit metrics, two sets of costs and two markedly different levels of relative risk. For more ideas on metrics see these 100%Open blogs on the subject – Part 1 and Part 2. 

"What you can’t measure you can’t manage."

Anon


First we review the open innovation value equation. The objective is to maximise the benefits and minimise the costs for both us and our partner.

Then review the list of benefits and costs and select the top three for both us and our partner. Use different forms as each partner will value different things, and the lists are likely to vary.

Finally write down the top three shared measurement targets that will work for both partners. Be as specific as possible and quantify time/money/resource wherever possible.

 

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HOW THIS TOOL FITS IN WITH OTHERS

Refer to the Open Innovation Manifesto to define the objectives and other facets of your strategy.
Consider starting with defining an Open Innovation Model or creating a Collaborative Business Canvas to explore key elements of the partnership.

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