We’ve seen that getting leadership’s active engagement, not just sponsorship, is key when developing an innovation management initiative across borders. I won’t lecture on the importance of the second must-have: the capital to effectively launch and manage your programme. This is clear, and I’m sure you’re taking care of it.
A lack of funding is, indeed, among the main causes for the demise of these initiatives. You do need some time to make the programme grow and deliver results, particularly when it has such scope and scale.
This means you should secure a minimum three-year budget. That way a commitment is made, and risk of short term shut-down is minimised.
In addition, ensure your budget includes funds to support promising and interesting business ventures that stagnate simply because they don’t have a natural owner in the organisational chart. Adequate financial planning will end up saving you time… and money.
So, tip number 2:
# Secure a small venture development budget
Number 3 helps you to push innovation further