An Innovation Manager Is A Funding Manager

Learning Centre > An Innovation Manager Is A Funding Manager

In this post in our series on The Twelve Hats Of An Innovation Manager, we look at the funding manager role that innovation managers play for a company.

In this post in our series on The Twelve Hats Of An Innovation Manager, we look at the funding manager role that innovation managers play for a company.In this post in our series on The Twelve Hats Of An Innovation Manager, we look at the funding manager role that innovation managers play for a company.
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In the day-to-day activities of an innovation manager, he or she must communicate with lots of different people and teams, both internally and externally to an organisation. To propel new ideas forward into practical realities, they must wear many different hats. In this post in our series on The Twelve Hats Of An Innovation Manager, we look at the funding manager role that innovation managers play for a company.

Managing the funding aspects of a company’s projects is a big job. The innovation manager plays a key role in this process but does not do it completely independently. The biggest contributions that are made by the innovation manager include (1) assessing the funding worthiness of projects and (2) submitting the projects for funding and handling the process.

This latter aspect, “handling the process” is where things can get complicated. Working with third-party financiers, the funding manager must play a promotional role of advertising the project as a worthy target for investment. He or she must also monitor the short and long-term needs of the project’s funds. Budgets, spreadsheets, compliance with funding requirements, and an understanding of market conditions are all important contributions by the funding manager.

The funding manager watches the project from start to scratch. He or she ensures that the project hits important milestones and goals. They then transform those goal-setting abilities into tangible financial results by securing more financing based on the project’s success.

Since innovation projects can be multi-year commitments, it is crucial for the company that the funding of the project is carefully monitored. You do not want to commit too many resources too early for fear of failure and sinking the project. On the other hand, you need to carefully and incrementally release new funding capacity for the project development, as required.

It is a delicate balance to be sure, but it is one that the innovation manager, wearing their funding hat, is very very capable of administering.

That is all we have for this post in our series on The Twelve Hats Of An Innovation Manager! For more reading on the important roles that the innovation manager plays for an organisation, check out the rest of our series on the Innovolo blog.

…Are you looking for ways to accelerate the innovation projects at your own organisation? Do you struggle with the complicated roles that the innovation manager performs? Or, are you stressed out about the complex processes that seem all-too-natural to new projects? Find out more about how an experienced innovation service provider like Innovolo can boost your project success.

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In the day-to-day activities of an innovation manager, he or she must communicate with lots of different people and teams, both internally and externally to an organisation. To propel new ideas forward into practical realities, they must wear many different hats. In this post in our series on The Twelve Hats Of An Innovation Manager, we look at the funding manager role that innovation managers play for a company.

Managing the funding aspects of a company’s projects is a big job. The innovation manager plays a key role in this process but does not do it completely independently. The biggest contributions that are made by the innovation manager include (1) assessing the funding worthiness of projects and (2) submitting the projects for funding and handling the process.

This latter aspect, “handling the process” is where things can get complicated. Working with third-party financiers, the funding manager must play a promotional role of advertising the project as a worthy target for investment. He or she must also monitor the short and long-term needs of the project’s funds. Budgets, spreadsheets, compliance with funding requirements, and an understanding of market conditions are all important contributions by the funding manager.

The funding manager watches the project from start to scratch. He or she ensures that the project hits important milestones and goals. They then transform those goal-setting abilities into tangible financial results by securing more financing based on the project’s success.

Since innovation projects can be multi-year commitments, it is crucial for the company that the funding of the project is carefully monitored. You do not want to commit too many resources too early for fear of failure and sinking the project. On the other hand, you need to carefully and incrementally release new funding capacity for the project development, as required.

It is a delicate balance to be sure, but it is one that the innovation manager, wearing their funding hat, is very very capable of administering.

That is all we have for this post in our series on The Twelve Hats Of An Innovation Manager! For more reading on the important roles that the innovation manager plays for an organisation, check out the rest of our series on the Innovolo blog.

…Are you looking for ways to accelerate the innovation projects at your own organisation? Do you struggle with the complicated roles that the innovation manager performs? Or, are you stressed out about the complex processes that seem all-too-natural to new projects? Find out more about how an experienced innovation service provider like Innovolo can boost your project success.

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Farm+Stable is a client of Innovolo, a product development as a service provider offering R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. As a company that specializes in the development and engineering of products for the agriculture and construction industries, Farm+Stable has benefited from Innovolo's expertise in helping to bring new products to market quickly and efficiently. In particular, Farm+Stable has been able to rely on Innovolo's team of experienced engineers to help with the design and development of a new line of products that are designed to be more durable and longer-lasting than previous models. With Innovolo's help, Farm+Stable has been able to bring these new products to market in a timely manner, and they have been well-received by customers. Thanks to Innovolo's innovative product development solutions, Farm+Stable has been able to stay ahead of the competition and continue to grow their business.
Innovolo is a product development as a service provider. It offers R&D teams globally extra capacity, capability, and momentum in their product development and obsolescence management projects. Its services are used by clients in a variety of industries, including automotive, aerospace, consumer electronics, and medical devices. One of its clients is Kawneer, a leading manufacturer of aluminum products for the architectural and construction industries. Kawneer has been using Innovolo's services to help develop new products and to manage the obsolescence of its existing products. Thanks to Innovolo, Kawneer has been able to speed up its product development cycle and to reduce its costs. As a result, Kawneer has been able to bring new products to market faster and to better meet the needs of its customers.

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