In today's episode of the Idea to Value podcast, we speak with author Dan Toma about the concept of Innovation accounting. Dan is the founder of Outcome and the co-author of the Corporate Startup. We go through how companies should measure innovation performance, and which KPIs actually make sense for these types of projects. Topics covered in today's episode: 00:01:30 - Dan's history in entrepreneurship 00:03:45 - Why accounting is overrated. It cannot tell you what to do next. It is like driving a...
In today's episode of the Idea to Value podcast, we speak with author Dan Toma about the concept of Innovation accounting. Dan is the founder of Outcome and the co-author of the Corporate Startup.
We go through how companies should measure innovation performance, and which KPIs actually make sense for these types of projects.
Topics covered in today's episode:
- 00:01:30 - Dan's history in entrepreneurship
- 00:03:45 - Why accounting is overrated. It cannot tell you what to do next. It is like driving a car but only looking backwards in the rearview mirror.
- 00:05:00 - The aspects which create a successful innovation culture are found nowhere in the accounting books.
- 00:08:00 - Instead of just focusing on inputs and outputs, innovation relies on understanding the process
- 00:09:00 - Innovation cannot provide information on what has not yet happened, making questions around "Return on Investment" impossible to predict
- 00:14:00 - Which KPIs and principles work for an innovation accounting system
- 00:19:30 - What is learning velocity?
- 00:22:00 - Assessing risk and managing multiple innovation projects across a portfolio
Links mentioned in today's episode:
- The Innovation accounting book: https://innovationaccountingbook.com/
- Dan's Linkedin profile: https://www.linkedin.com/in/dantoma/
- Dan's Twitter profile: https://twitter.com/danto_ma
Bonus:
This episode was made possible by our premium innovation and creativity training. Take your innovation and creativity capabilities to the next level by investing in yourself now, at https://www.ideatovalue.com/all-access-pass-insider-secrets/
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