O ne of the major challenges in developing regional innovation clusters comes in defining and setting priorities for collaborative investments.
Here’s a simple solution.
Have participants in the cluster rank investment options according to two dimensions: one on return, one on risk.
For each investment option, ask participants two questions:
- First, how big an impact is the co-investment likely to have. Rank on a five point scale (1= low; 5 = high)
- Second, how difficult will this co-investment likely to be to implement. Rank on a five point scale (1= easy; 5 = hard)
Here’s a simple graphic you can use to rank your alternatives. Remember, these investment rankings change over time. As you learn more about an investment alternative, your assessments of risk and return will shift. That’s the essence of conducting an agile strategy in an open network: embedding new learning and insights into continuous strategic assessments.