Innovation/Entrepreneurial Change Paper(NEED IN 6HOURS)!!!!

Innovation Measurement and Reward Systems for Employees

Blockbuster needs to create a culture of innovation for them to survive the onslaught of the rivals like Netflix. Innovation measurement will come in handy in creating an innovative culture. In innovation measurement, the innovation should be broken down into three stages of implementation that include identification of goals and exploration activities, short term deliverables, and near term development goals. The innovation measurement will then be in terms of the ideas that go through these three stages successfully annually.

Reward system for employees is also a major factor in promoting a culture of innovation. The company should develop the perks for the employees with ideas that also goes through the three stages of innovation. The company should then recognize the employees in their annual reports. As such, there should be incentives for taking risks and making it okay if it fails. The employees should not bear consequences for failing while trying to implement new ideas. Additionally, the employees should also be allowed time and resources to spend on independent research and ideation of job related issues. This will promote a culture of innovation.