08: The importance of building a business case

In mid 2020 we sat down with a group of the countries most recognised and experienced corporate innovation leaders for their unfiltered and honest view of key industry issues. They represented both clients, customers and agencies servicing the industry.

Pierre-Alexandre Schaupp
Innovation and Strategy at News Corp

The way to develop a business case is actually by using tangible real data instead of just assumptions. And we found this is so compelling and it avoids creating a messy business case that doesn’t drive any value for the business.

Anthony Johnston
CEO at CoVentured

The two keys to getting business case approval are getting exec’s approval and getting business approval and they’re two different things because execs are driven by KPIs and the business is driven by strategy. To get a business case approved, you need to make sure that you understand what a yes will look like when you get that business case done across those two, exec and company. The business won’t sign off on something that doesn’t tick strategy and the exec won’t sign it off if it doesn’t hit their KPI’s.

David Parfett
ex Qantas and Scentre group innovation Strategy and venture leader

Look, I think first and foremost the product or service that the partner or startup is offering needs to be solving a problem that’s actually important to that stakeholder, right? And then in a significant way, it needs to be taking cost out of that business or generating new revenue for us that’s kind of the one thing. How do you get the business sponsor excited about this product or service kind of really enabling their business and taking cost or profit into the business.

Lorraine Thomas
Chief Officer, Product & Innovation at HCF Australia

Innovation progress is really important. We demonstrate that for a regular Town Hall’s trust, our regular communications, and again it’s around managing our staff to understand the motivations around innovation, how the catalyst program, in particular, fits into our way of working, and also demonstrating the pilots and the activities. Real examples.