A Conversation About Innovation Accounting
Lean back and enjoy this lively conversation between the hosts of the show What PAYS – Jon Ruark, Tyrome Smith, Adam Berk and their guest Elijah Eilert, about the topic of innovation accounting.
Key Segments:
Introduction to Innovation Accounting (0:00 – 5:00)
The episode begins with an overview of what innovation accounting is and why it is essential for startups and established companies.
What Problem Are You Solving This Week? (5:00 – 15:00)
As usual, the conversation starts with the “What Problem Are You Solving This Week?” segment. Each participant shares a personal or professional challenge they’re currently facing. This segment offers insight into how they apply innovative thinking to real-world problems. For instance, Elijah shares how his family is dealing with meningitis—only to realize later that he meant conjunctivitis (eye roll emoji).
The Challenges of Measuring Innovation (15:00 – 30:00)
The discussion shifts to the difficulties companies encounter when trying to measure innovation. We cover why traditional metrics often fall short and the necessity of alternative approaches in uncertain environments.
Defining and Using Innovation Metrics (30:00 – 45:00)
We dive into the practical aspects of innovation accounting, exploring various metrics that can be used at different stages of the innovation process, from idea generation to scaling. We also talk about the importance of aligning these metrics with specific project goals.
Practical Applications and Case Studies (45:00 – 60:00)
In this section, we share examples of innovation accounting in action. Real-world case studies illustrate how companies can use this approach to make informed decisions and reduce uncertainty as they develop new products or services.
Final Thoughts and Takeaways (60:00 – End)
The episode concludes with a recap of the main points discussed and final reflections on the future of innovation accounting. We emphasize the importance of continuously refining metrics to ensure their relevance as projects evolve.
