What methods have been successful when requesting funding for innovation?
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CIO5 months ago
One successful method is to articulate the opportunity or problem that you're trying to solve in a compelling manner. This could involve identifying an issue that others may not be aware of. Many of our best ideas come from those who interact with customers daily or make the magic happen within the organization. They see the friction points and opportunities. Once these are identified, it's easier to convincingly communicate the value or ROI to your CFO colleagues and align with the goals.When you want to scale an idea and it requires funding, you'll need to show evidence. This could be through a proof of concept or using more standard instruments like a cost benefit analysis or ROI calculation. It's also crucial to use terms that the organization understands and avoid technical jargon. When you use relatable language, it's easier for the company to understand how the funding will be used to make money, attract customers, or grow margin.
Director of IT in IT Services5 months ago
My experience says, strategic pitching and highlighting ROI are key for successful innovation funding requests.
Collaborating with partners can also be successful. Internal and external partners, including vendors, may be willing to do joint investment research into a particular product, service, or innovation. With the current state of cloud platforms, many vendors have funding set aside for such projects. Forming partnerships where both parties benefit can be a great way to meet objectives. Additionally, it's important to do a market scan to understand what's out there and where you could tap for additional funding if needed.