Recognising Corporate Innovation: The Excellence in InnovationAward
1.2 Innovation Performance Ratios
Changes in innovation performance could be highlighted and tracked using a series of Innovation Performance Ratios, analogous to Financial Performance Ratios. The ratios would be vetted by a trusted third party, for example Business Link and a global index figure, being a mean of all the relevant innovation ratios would be published in the annual report.
Some examples of innovation performance ratios:
Sales of new products/Total sales
R&D expenditure/Total sales
Number of innovation trained managers/Total number of staff
Number of staff suggestions discussed by management/ Number of innovation suggestions made by staff
Number of staff training days/ Total work days
Number of staff with CAD or other specialist IT experience/ Total number of staff
1.3 Funding the Excellence in Innovation Award
Companies would pay registration and examination fees to the awarding body, to finance the assessment costs. Fees could be set on a sliding scale related to turnover, in order to encourage SMEs to participate.