discuss the role of innovations in accounting

Expert Solution

Innovation accounting is a way of evaluating progress when all the metrics typically used in an established company (revenue,customers,ROI,market share) are Zero.

It provides a framework of chained leading indicators, each of which predicts success. Each link in the chain is essential and, when broken, demands immediate attention.

It’s a focusing device for teams, keeping their attention on the most important assumptions they’ve made about their project.

It’s a common mathematical vocabulary for negotiating the use of resources among competing functions, divisions, or regions.

It provides a way to tie long-term growth and R&D into a system that follows a clear process for funding innovation and can be audited for its ability to drive value creation.

It enables apples-to-apples comparisons between two or more startups in order to evaluate which is most worthy of continuing investment, providing a way to see a startup or innovation project as a formal financial instrument that has a precise value and reflects a range of future costs and financial outcomes.

ekkarill92 answered 1 year ago

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