Project Scope Document

Innovation Charter – Sample

1. OPPORTUNITY We have an opportunity to leverage the knowledge and insights of X to generate ideas that help our company create new products, new services, new business models and create new markets. Innovation is a core competency and a critical element of generating a sustained competitive advantage in the marketplace. 2. VISION Our innovation team will sponsor innovation throughout the organization, identifying methodologies, tools and techniques to improve our capability to identify trends, recognize new product and service opportunities and create new value for our customers and prospects. The innovation team will work with internal business units to define innovation opportunities and with the entire organization to generate and evaluate ideas, which will be provided to the appropriate business units or sponsored within the innovation team.

3. MISSION The Innovation Team exists to:

Our mission is to sponsor a culture of innovation within X, and use innovation as a driver to help business units and business functions create new products, services and business models that drive new revenue, increased margins and increased market share. We’ll:  Support innovation throughout X by providing all parts of the organization with a consistent process and methodology for idea generation and evaluation that is based upon collaboration among broad, diverse employee groups. This includes providing supporting tools and resources (online and otherwise) to foster industry knowledge, company knowledge, understanding of previously ideated topics, and spur creativity.  Drive innovation in “White Spaces” by identifying potential white-space ideas and incubating them until a decision is made to implement or shelve the idea. This includes analyzing information from a broad array of sources to identify trends, problems, threats, and opportunities that exist inside or outside the company then advocating ideation around significant findings.  Advocate innovation throughout the organization and seek ways to make the organization more innovative. This includes researching and advocating best practices, generating ideas for novel ways to keep innovation fresh in the organization, and continually seeking ways to improve the model.

4. RESPONSIBILITIES The innovation team works with any group that seeks to improve its innovative capability or solve problems or seek new approaches using innovation techniques. We’ll work as innovation advocates, consultants and facilitators to sponsor ideation sessions, define innovation processes, assist with the identification and evaluation of innovative ideas. We identify and synthesize trends in the environment, new technologies and approaches from within X and from external partners. We provide a broad array of individuals who can help identify new ideas, examine new approaches and methods, suggest creative methods to solve intractable problems, and assist with the implementation of recommended solutions.

We define common innovation processes and sponsor innovation tools for focused ideation and idea management, and offer these tools and processes to our customers to enable them to become more innovative. We offer consultative solutions to solve problems quickly and effectively, and provide flexible solutions to meet any innovation need.

Sample Charter Document Page 1 5/8/2018 5. GOALS We seek:  Breakthrough ideas – new businesses, new products, and radically different processes that diversity the product portfolio, that generate operational or cost efficiencies or develop our internal (employee) or external value proposition.  Incremental improvements – tweaks to existing businesses, products, and processes that bring operational efficiency or cost savings, provide opportunities for increased sales, or add value to our existing internal or external value proposition.

Long-term goals include:  Creating competitive advantages  Entering new markets  Developing new products  Infusing innovation into the organization’s culture  Enabling sub-organizations to be self-innovating  Formally supporting employee’s time allocation to innovative behaviors  Establishing accountability for innovating throughout the business units

Measurable goals:  X% increase in new products or services released  X% increase in revenue from new products and services  X% increase in profit margin driven by innovation

6. PRIORITIES Define priorities based on the strategic goals and key metrics of the business 

7. COMPOSITION Our innovation team will be comprised of individuals with skill sets that include:  Trend gathering and synthesis  Process definition and process management  Ideation facilitation and coaching

Sample Charter Document Page 2 5/8/2018 Innovation Charter 1. OPPORTUNITY

2. VISION

3. MISSION The Innovation Team exists to:

4. RESPONSIBILITIES

5. GOALS We seek:     .

Long-term goals include:      

Measurable goals:  % increase in new products or services released  % increase in revenue from new products and services  % increase in profit margin driven by innovation

6. PRIORITIES Define priorities based on the strategic goals and key metrics of the business

Sample Charter Document Page 3 5/8/2018 7. COMPOSITION Our innovation team will be comprised of individuals with skill sets that include: 

8. OTHER

9. OTHER

Sample Charter Document Page 4 5/8/2018