Impact

Initial estimates are bound to be vague and uncertain but as you iterate your value proposition, you should accrue evidence to support the claims you make.

There may also be negative impacts of your innovation: on competitors, on the environment, or on society. You should evaluate these and be able to respond to questions from relevant stakeholders.

It is also worth thinking about any expected regional impacts of the project.

Components of Impact

If you are considering making an application for funding to Innovate UK, you are likely to be asked to identify, and where possible quantify:

Economic benefits

The benefits from the project to those outside the project (customers, others in the supply chain, broader industry and the UK economy) such as productivity increases and import substitution.

Social benefits

Any expected social impacts, either positive or negative on, for example, the quality of life, social inclusion/exclusion, jobs (safeguarded, created, changed, displaced), education, public empowerment, health and safety, regulation, diversity, and any expected impact on government priorities

Environment benefits

Any expected environmental impacts, either positive or negative.

External resources:

Institute for Manufacturing: Design Management Tools and Techniques

The IfM’s Design Management Group activities are focused on understanding and improving the ways in which design and new product development are managed. It work with industry and practitioners to create new tools and methods for both designing and managing design, including some useful approaches to developing market understanding.