Surprisingly enough, this is not a new market, but the adaptation of our product to the needs of our customers.
Innovation has become a pivotal point to build a company, develop new ideas and re-inventing companies.
This has ramped up the creation of innovation hubs so that internal employees, external entrepreneurs start building the new ideas that will revolutionize an industry or market.
The software that has used these companies varies from Accelerator Software, Incubator Software (which in a sense are similar), Fund Management, CRMs, Community software and Mentoring software.
Many companies have decided to create their own solution (more than 50% used a custom solution which compliment some of the solution above) are custom software.
What is innovation relationship management, something new that will revolutionize innovation.
Innovation Relationship Management or IRM for short, refers to the technology and processes that an organization uses to manage its portfolio and relationships, both external and internal, this includes some of the following services:
- Portfolio management
- Users and contacts
- Entrepreneurship Community
- Event Management
- OKRs and Task Management
- Forms and surveys
- Application Pipeline
The main idea is to strengthen relationships to manage all the touch points where the startups, companies and projects needs support and engagement.
The practice of innovation relationship management includes guidelines for how direct interactions take place and also management of tools for organizing and tracking all the relevant information you need to follow-up your portfolio, track progress, increase project accountability, manage events and engagement, educate entrepreneurs or intrapreneurs and overall, make processes more efficient.
Internally, an IRM helps innovation managers, portfolio managers, and program managers automate their tracking system with startups and project owners and identify when to follow-up and check-in and improve interaction. IRM optimizes your process of interacting with your portfolio.
Technology versus Process
A big gap that happens when planning an innovation program is understanding that a software won't fix all the problems that we need to identify two areas of interest:
- Processes: your program structure, what you want to measure and how you want to track progress. This should also include other areas like your company strategy, employee and your portfolio of companies responsibilities.
- Technology: when the Processes are defined is easy to identify what is the software that will help you to the next level. How you will measure success, and where you are collecting the data.
How do Team Coaches help their customers?
Team Coaches helps to provide the technology to run all your processes in one place centralizing your portfolios, communities and programs in one place.
If you want to know more please book a demo here.