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.