Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach
Success rates of corporate innovation are notoriously low. Improving corporate innovation success rates increases investment efficiency and enables progress toward an improved future. A literature review was completed to develop an understanding of innovation strengths and weaknesses often present i...
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| Other Authors: | |
| Format: | Thesis |
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Massachusetts Institute of Technology
2023
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| Online Access: | https://hdl.handle.net/1721.1/152873 |
| _version_ | 1826192856660836352 |
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| author | Gonzalez, Nicholas Ciro |
| author2 | Rubin, Joan |
| author_facet | Rubin, Joan Gonzalez, Nicholas Ciro |
| author_sort | Gonzalez, Nicholas Ciro |
| collection | MIT |
| description | Success rates of corporate innovation are notoriously low. Improving corporate innovation success rates increases investment efficiency and enables progress toward an improved future. A literature review was completed to develop an understanding of innovation strengths and weaknesses often present in corporations. System engineering and quantitative analysis tools were explored to address the common weaknesses present in corporate innovation investment. The investment step was targeted as a critical decision point for progressing proposals forward for further implementation. The framework mitigates common pitfalls of corporate innovation while enabling the corporation to architect the innovation process to fit its needs. The framework is a five-step process: risk rank to define the predictors of innovation project success, establish a success function to calculate innovation success likelihood, solicit project proposals from the entire employee base, plot a tradespace to visualize the tradeoffs between all possible innovation projects, and finally select the portfolio of projects for investment. |
| first_indexed | 2024-09-23T09:29:56Z |
| format | Thesis |
| id | mit-1721.1/152873 |
| institution | Massachusetts Institute of Technology |
| last_indexed | 2024-09-23T09:29:56Z |
| publishDate | 2023 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/1528732023-11-03T03:57:40Z Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach Gonzalez, Nicholas Ciro Rubin, Joan System Design and Management Program. Success rates of corporate innovation are notoriously low. Improving corporate innovation success rates increases investment efficiency and enables progress toward an improved future. A literature review was completed to develop an understanding of innovation strengths and weaknesses often present in corporations. System engineering and quantitative analysis tools were explored to address the common weaknesses present in corporate innovation investment. The investment step was targeted as a critical decision point for progressing proposals forward for further implementation. The framework mitigates common pitfalls of corporate innovation while enabling the corporation to architect the innovation process to fit its needs. The framework is a five-step process: risk rank to define the predictors of innovation project success, establish a success function to calculate innovation success likelihood, solicit project proposals from the entire employee base, plot a tradespace to visualize the tradeoffs between all possible innovation projects, and finally select the portfolio of projects for investment. S.M. 2023-11-02T20:23:53Z 2023-11-02T20:23:53Z 2023-09 2023-10-10T21:05:48.879Z Thesis https://hdl.handle.net/1721.1/152873 In Copyright - Educational Use Permitted Copyright retained by author(s) https://rightsstatements.org/page/InC-EDU/1.0/ application/pdf Massachusetts Institute of Technology |
| spellingShingle | Gonzalez, Nicholas Ciro Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach |
| title | Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach |
| title_full | Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach |
| title_fullStr | Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach |
| title_full_unstemmed | Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach |
| title_short | Innovation Project Funding: A Framework for Rapid Evaluation of Innovation Projects for Implementation Using a System Approach |
| title_sort | innovation project funding a framework for rapid evaluation of innovation projects for implementation using a system approach |
| url | https://hdl.handle.net/1721.1/152873 |
| work_keys_str_mv | AT gonzaleznicholasciro innovationprojectfundingaframeworkforrapidevaluationofinnovationprojectsforimplementationusingasystemapproach |