Business Administration
In your quest to encourage innovation and entrepreneurial behavior in the medium sized medical equipment company you founded five years ago, you see the need to develop specific measures of performance against which innovative products or services can be measured once they are developed. Explain how the following financial and non-financial measures will be used to assess and evaluate recent innovations:
Financial Measures
Return on investment
Growth in market share
Profitability
Non-financial Measures
Employee loyalty and commitment
Breadth of employee participation
Employee retention
Employee willingness to change
Strategic repositioning
Competitive capabilities
Potential creation of further breakthroughs
Number of potential future innovations