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Innovation Budget Checklist

Innovation also needs budget approval

The larger the company and the innovation project, the greater the chance that a long-term budget will have to be requested. Usually in the budget round in the fall.

Checklist* for building blocks in the innovation budget

1. External consulting

You don’t have to do everything yourself, use external expertise.

  • We already have
  • Do we have to plan
  • We do not need

2. Internal capacities (employees), now and over the course of the year

Important building block for scaling.

  • We already have
  • Do we have to plan
  • We do not need

3. External scouting activities

Extend the entrance to the innovation funnel.

  • We already have
  • Do we have to plan
  • We do not need

4. Technology for innovation prototypes

Minimize risk with experiments (e.g. MVP).

  • We already have
  • Do we have to plan
  • We do not need

5. Innovation and support software:

Many ideas and many innovation projects need to be organized and digitally sorted.

  • We already have
  • Do we have to plan
  • We do not need

Successfully procuring an innovation budget? Only with a business case!

Live webinar: 20 minutes for the most important key points in the business case for innovation. And what needs to be different from other business cases to make the innovation budget work.

6. Conference participation events

Networking and developing together.

  • We already have
  • Do we have to plan
  • We do not need

7. Memberships

Networking and exchanging ideas with the “like-minded”.

  • We already have
  • Do we have to plan
  • We do not need

8. Laboratory use, rooms locations (internal or from the service provider)

An unfamiliar environment can promote the generation of ideas .

  • We already have
  • Do we have to plan
  • We do not need

9. Sales, marketing commercialization

Early involvement of non-R&D staff, for example from marketing and sales, is crucial to success. After all, an idea is not an innovation if it does not generate sales in existing or new markets.

  • We already have
  • Do we have to plan
  • We do not need

10. Internships theses

Important sources for young innovators.

  • We already have
  • Do we have to plan
  • We do not need

Conclusion: Procuring an innovation budget is often a challenge

If you are passionate about a topic, you don’t like to think about formalities, bureaucracy and budget applications. Because “it’s obvious that this is a brilliant idea”. But unfortunately it isn’t. This is often a challenge for middle management. You know it’s good and important. And especially when it seems obvious, factual argumentation is difficult. Sometimes the checklist is enough, sometimes a solid business case for innovation helps to secure the required budget.

Arrange an initial consultation

Management consulting is a matter of trust. Let’s talk briefly about your challenge and find out whether we could work together.

TOM SPIKE supports innovators in their argumentation and budget procurement

As an innovation consultancy, TOM SPIKE supports companies in making innovation a success. This always includes the necessary budget based on clear objectives and planning. Despite and precisely because the result of innovation should actually be open-ended. Take advantage of our experience with innovation projects, business case creation and market development in numerous sectors. The support can be part of a joint operational or strategic project, or take place within the smaller framework of innovation coaching.

*This list is based on the template from Ezassi.

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