An Innovation Maturity Assessment (IMA) is a process that helps organizations assess their current state of innovation and identify areas for improvement. The IMA can be conducted as part of a merger or acquisition (M&A) process to help ensure that the two organizations are able to successfully integrate their innovation capabilities.
There are several reasons why conducting an IMA is critical when considering M&A. First, the IMA can help identify any potential problems with the two organizations’ innovation capabilities. For example, if one organization has a strong focus on internal innovation while the other has a strong focus on external innovation, the IMA can help identify how the two organizations can best integrate their innovation capabilities.
Second, the IMA can help identify any potential opportunities for the two organizations to improve their innovation capabilities. For example, if one organization has a strong focus on research and development while the other organization has a strong focus on commercialization, the IMA can help identify how the two organizations can best work together to improve their innovation capabilities.
Third, the IMA can help the two organizations develop a plan for integrating their innovation capabilities. This plan can include specific steps that the two organizations can take to improve their innovation capabilities and a timeline for completing these steps.
The IMA can be conducted by a variety of different organizations, including consulting firms, research firms, and industry associations. The IMA typically involves a series of interviews with employees from both organizations and a review of both organizations’ innovation strategies and practices.
The IMA can take anywhere from a few weeks to several months to complete. The cost of the IMA will vary depending on the size and complexity of the two organizations.
Several dedicated resources can be allotted for pursuing new ideas and innovations within an organization. These resources can include:
- People: Organizations can give employees the time and resources necessary to pursue new ideas and innovations. For example, organizations can create a dedicated team of employees who are responsible for developing and implementing new ideas.
- Budget: Organizations can allocate a budget for pursuing new ideas and innovations. This budget can be used to fund research and development, as well as to provide grants to employees who are pursuing new ideas.
- Time: Organizations can give employees the time necessary to pursue new ideas and innovations. For example, organizations can allow employees to take time off from their regular work to pursue new ideas.
Organizations can also foster a culture of innovation by providing employees with the resources and support they need to be successful. This can include:
- Encouraging creativity: Organizations can encourage employees to be creative and develop new ideas. For example, organizations can allow employees to share their ideas with others.
- Providing support: Organizations can provide employees with the support they need to be successful. This can include providing employees with the necessary resources to develop and implement new ideas.
- Recognizing success: Organizations can recognize and reward successful employees for pursuing new ideas and innovations. This can include providing employees with financial rewards and public recognition.