It seems obvious that a culture of innovation would be good for a company’s performance. Unfortunately, accounting standards don’t allow for intangible assets, such as innovation, to appear on the balance sheet. Why then should a Culture of Innovation be measured, valued and managed, if the financial results are meaningless to executive management?
Organizations are constantly seeking ways to reinvent themselves through innovation. The process of selecting ideas in the early stages of innovation has a significant impact on the probability for success of new products or services. This paper investigates the critical factors organizations consider in the selection process.