One of the biggest obstacles to successful innovation efforts is a challenge familiar to any entrepreneur: funding. Good ideas take time and money to get off the ground. But when those ideas are relatively “out there” or unproven, the investment can be hard to justify.
This is especially true in a corporate environment. Standard corporate funding models for technology projects simply don’t align with the way innovation works. Traditionally, organizations base their internal investments on a business case that shows projected improvement from a baseline. The business case requires and includes upfront knowledge of the full funding needed to complete the project, and assumes that every project will in fact be successfully completed.