What is the Index of Corporate Innovation

The Index of Corporate Innovation (ICI) is a diagnostic tool that measures, via online survey of your employees, your organization’s innovation capabilities and performance. The Index recognizes that innovation is a complex and “organic” process -- and the survey asks quantitative and qualitative questions under various categories, including corporate culture, leadership, workforce capacity, organizational processes, collaboration, investments, and performance.

The Index has been built based on two decades of experience in the innovation field, and backed by the collective expertise of CBoC staff and corporate members. We have developed the Index over the last 18 months, with the help and input of business leaders and other innovation experts. We alpha- and beta-tested the tool with over 70 Canadian corporations of all sizes in all sectors. Aside from validating the tool itself, the test results lend insight on the innovative nature of Canadian organizations.

The underlying innovation framework puts a premium on innovation performance in particular -- the “So what?” of innovation (i.e. Do a firm’s innovative activities and investments lead to increased corporate profits, productivity and market share?). The objectives of the ICI tool are to help organizations assess and improve their performance, and to allow them to benchmark their innovation capabilities and performance against other organizations.

The good news is that many Canadian companies understand the issues and the need for innovation. Many of our respondents suggest that innovation is fundamental to their survival. The bad news is that many firms are not “walking the talk”. They rank their organizations highly with regard to innovation vision, culture and leadership -- but lower with regard to implementing related business processes and delivering innovation performance.

Feedback on the survey tool and on the overall CBoC initiative was overwhelmingly positive. Over the longer term, we will build an international sample, and make this tool global best. In the end, we should be able to better quantify the complex relationships between the capacity to innovate and resulting organizational performance.

What are the benefits?

The Index of Corporate Innovation (ICI) will help you:

  • Quantify your organization’s innovation capabilities and performance.
  • Diagnose the multiple factors that contribute to innovation.
  • Compare groups within your organization.
  • Benchmark your results against other organizations.
  • Build an innovation action plan, and monitor improvements over time.
  • Improve and sustain your business performance.
  • Innovation is proven to increase business performance.

With the help of ICI your organization can:

  • Improve the return on your innovation-related investments (such as R&D).
  • Improve product quality and differentiation so that you offer global-best products and services.
  • Improve business efficiencies, productivity and margins.
  • Increase your revenues from new or significantly improved goods and services -- to achieve higher market shares and accelerated growth.
  • Attain both continuous improvements and breakthrough innovations.
  • Realize corporate stretch goals.
  • Demonstrate to staff the importance of innovation for the organisation.