As we approach the end of summer and enter the final quarter of the year, it’s a common practice for many of us to review current year budgets and start planning for the upcoming year. At Foundry 415, we’ve got practical suggestions to assist you in both endeavors.
Optimizing Your Current Innovation Budget Utilization
We recognize the significance of making the most out of your present-year budget. We also understand the risk of losing unspent funds if not utilized. Foundry 415 has been there before and we can help. Start by revisiting your innovation goals and key performance indicators (KPIs) established for 2023. Identify any areas where targets haven't been met. Once shortfalls have been identified, we advise our clients to contemplate the story they wish to present at the year's end. Bolstering the budget proposal for the following year’s innovation spending is simpler when linking current year narrative to future solutions or next steps (and, of course, the costs associated). Consider the services described below that we have commonly found to be gaps in innovation goals being met:
Technology Trends Report.
Sometimes, your team might stumble upon an unexpected technology trend from a business unit or product group. A technology trends report can serve as a launchpad for a new project area in 2024. These reports can pinpoint specific focus points for startup engagement, such as scouting and proof of concepts.
Startup Scouting Report.
Consider a targeted startup scouting activity. This could be in a new technology area, allowing you to educate internal stakeholders, such as senior leadership, business units and product groups.
Professional Development and Executive Education.
While less conventional, these are fantastic ways to invest in both yourself and your team. A speaker series, tailor-made workshops, or attending existing executive education programs are just a few examples. Importantly, it is often possible to customize these options so that they are tailor-made to your particular needs. Many can be delivered either online or in person. Enhancing your team's skill set and knowledge is vital for navigating the ever-evolving innovation landscape. You can explore our service offerings for more details here, although a direct conversation is often the best way to understand your specific requirements.
Planning for Success
Realizing tangible outcomes from your company's innovation strategies and endeavors usually spans more than a single year. As you plan for the upcoming year's budget, focus on the following:
Continuation, Repetition, and Initiation
Determine which activities will build upon this year's efforts, which will remain unchanged, and which will introduce fresh initiatives—ideally, including some experimental elements. While evaluating these three activity categories, aim for a balanced mix. Most importantly: be sure to emphasize activities that align with your KPIs and facilitate achieving concrete outcomes.
Investment in innovation is a journey. Foundry 415 has guided many corporations and organizations to progress along this journey. If you find yourself staring at Q4 2023 and progress has stalled (or failed to even begin), please reach out to us at info@foundry415.com or click the button below to help you make the most of your innovation goals.