Podcast S4E71 Dan Toma - Innovation Accounting and Key Performance Metrics

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/ * Subscribe on iTunes to the Idea to Value Podcast: https://itunes.apple.com/gb/podcast/idea-to-value-creativity-innovation/id1199964981?mt=2 * Subscribe on Spotify to the Idea to Value Podcast: https://open.spotify.com/show/4x1kANUSv7UJoCJ8GavUrN  * Subscribe on Stitcher to the Idea to Value Podcast: http://www.stitcher.com/s?fid=129437&refid=stpr * Subscribe on Google Podcasts to the Idea to Value Podcast: https://podcasts.google.com/?feed=aHR0cHM6Ly9pZGVhdG92YWx1ZS5saWJzeW4uY29tL3Jzcw  Want to rapidly validate new ideas and innovative products and GROW your online business? These are the tools I actually use to run my online businesses (and you can too): * The best email management and campaigns system: ActiveCampaign (Free Trial) http://www.activecampaign.com/?_r=M17NLG2X  * Best value web hosting: BlueHost WordPress http://www.activecampaign.com/?_r=M17NLG2X  * Landing pages, Sales Pages and Lead collection: LeadPages (Free Trial) http://leadpages.pxf.io/c/1385771/390538/5673  * Sharing & List building: Sumo (Free) https://sumo.com/?src=partner_ideatovalue  * Payments, Shopping Cart, affiliate management and Upsell generator: ThriveCart https://improvides--checkout.thrivecart.com/thrivecart-standard-account/  * Video Webinars for sales: WebinarJam and Everwebinar ($1 Trial) https://nickskillicorn.krtra.com/t/lwIBaKzMP1oQ  * Membership for protecting content: Membermouse (Free Trial) http://affiliates.membermouse.com/idevaffiliate.php?id=735  * eLearning System for students: WP Courseware https://flyplugins.com/?fly=293  * Video Editing: Techsmith Camtasia http://techsmith.z6rjha.net/vvGPv  I have used all of the above products myself to build IdeatoValue and Improvides, which is why I can confidently recommend them. I may also receive affiliate payments for any business I bring to them using the links above. Copyright https://www.ideatovalue.com