We all have different things that motivate us. Some are motivated by fame, money, the thrill to win or the satisfaction of creating something.

When assembling a team focused on innovation important to put the correct incentives and motivators in place. There’s nothing wrong with offering financial incentives for ideas or suggestions even if they don’t yield a direct positive outcome.

Innovation I would argue would occur whenever the inspiration motivated someone to invent, Discover, research or investigate. This could come on the weekend,at lunchtime or any other time and quite frankly if people are willing to focus their energies on something that benefits the company enabling this via financial means is a good strategy.

Of course it needs to be done within a framework and with published guidelines and rules, such that is not taken advantage of and drives the right behavior. It’s also except the bull to tie the monetary gain to the maturity of the concept or idea and also to the outcome ultimately derived from that idea or concept.

Whatever tools or systems you’re using to track inputs on the outputs of your innovation management process, should include The financial incentives that of been offered and achieved by everyone involved. Incentives factor into the ROI calculation that ultimately should be done for each innovation stream.

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Incentives can also be used to drive competitive behavior which often times has good results. The competitive nature of individuals which may not even be tied to the actual monetary value but just the fact of winning financial some motivate many personality types. A dashboard showing The financial awards for individuals and teams to be a very informative and motivating strategy. Typical office climate has a sense of competitiveness inherent to it and this technique can actually drive more competitive behavior often times drive more activity and results in a structured innovative environment.

 

 

 

 

 

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