Gatekeep innovation funding

Innovation board (sometimes also called venture or growth board) is a special-purpose governing body with mandate to invest into innovative projects and ventures that are expected to contribute to the organisation’s strategic objectives.

These boards act as a gatekeeper between innovation funds and innovation teams.

Innovation teams present their case and needs (e.g. funding required), and the innovation board decides on the basis of presented evidence, confidence, and strategic alignment if they will grant or reject the request. Power and autonomy is with the teams because they are the one coming up with suggestions.

By portioning the funds in such a manner, instead of single large, big-bang investments, the board is safeguarding the organisation as well. By keeping the investments small and frequent, the board retains the option to stop early, thus minimising the likelihood of spending too much on an idea that wouldn’t be able to make a significant contribution to the business.