Success criteria for an Innovation Workshop , a.k.a. Hackathon depend on the particular context, such as industry, themes, timing and expected end-result. In the case of a Corporate Innovation Workshop though, the selection of Key Performance Indicators (KPIs) to measure impact are different in comparison with an open-door event.
Some obvious indicators are equally important like Participation rate or Volume of Ideas and Opportunities for Corporate publicity. But the KPI’s that matter for a Corporation regardless of industry, type, timing or even length of a Hackathon are as follows:
- Percentage of Actionable Ideas, refers to the percentage of promising or worth further investment from a business point of view, projects.
- Percentage of Business opportunities, is a subset of Actionable Ideas, and refers to those projects which, post assessment, provide valuable business opportunities worth of further investment.
- Percentage of IP-generating projects, refers to the percentage of projects who are eligible for patent protection.
- Conversion rates, refers to how the whole portfolio of projects developed in a Corporate Hackathon, should be monitored against time. This way projects will be tracked over time until they deliver a successful outcome.
- Team impact, as a behavioral element is captured through a formal feedback process. The process is a great source of insight about participants and stakeholders opinions. This formal process can allow quantitative and qualitative analysis form many different angles including the effect on team dynamics and corporate culture.
Regardless of your selection of Success criteria, failure to measure against a predetermined target (prior event, industry average or sponsor guesstimate), is failure to implement.
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Christos Lytras – Managing Partner