The innovation funnel is a portfolio of startups and product teams that are together managed across business lifecycle stages. In an innovation funnel, each business is coached and evaluated for making progress along the lifecycle. In most cases, the startups in the funnel are funded either by corporations or by investors.
Innovation projects are not going through a pipeline where you stuff them all in one end and, hopefully, they all come out on the other end: all the innovative ideas can start one by one, they may drop off and only the best ones survive. At the end, the ones that survive pay for the whole arena of business ideas.
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- Prevent failed agile transformations.
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The question for many executives around the world is: how they can continue to make money and, at the same time, be disruptors in their industry. If you want to boost continuous innovation, a pipeline is not valid: you need a framework for managing a funnel of ideas and options and validate their progress through experimentation.
The Innovation Funnel is a method of disruptive idea creation and execution. It allows only the best products to turn into validated new business models. All ideas are welcome but only some of them reach the end.
The biggest mistake that corporations make is that they treat all initiatives in the company in the same way and, depending on the business model that people are working on, workers should be confronted with varied approaches to expenses, salaries, leadership, remote working, and everything else.
Some of the tools you can use while your startups are in the Innovation Funnel and becoming scaleups:
- Innovation Boards, to decide what ideas to invest in and how much to invest per idea.
- Metered Funding, to guarantee support for the right products with the right amount of funding.
- Innovation Scorecard, to rate your innovation projects after quantitatively measuring the progress of the startups and decide which ones will keep your supportd.
- Demo Days, to follow and measure progress.
… and many more. And the further your ideas get in the business lifecycle, the more ideas will drop off because they turn out not to work or not to be profitable.