The World Economic Forum has just released a 15-page report on the indicators and the cost of innovation. Instead of making a broad statement of what exactly is innovation, it’s more interested in looking at the factors that measure innovation and how effective they are.
To measure the level of innovation, it suggests using a wide range of indicators from the more obvious amount of new products and services introduced to the level of affordable housing in a region or a country. It argues by measuring innovation in a consistent way, only then do we get an understanding of not only where the innovation is coming from but also why it happens.
Innovation in Video
Innovation in video production is also multi-faceted. First of all there is innovation in the technology: at Tallboy, we’re just about to update all our cameras and equipment (for the super-geeks among you, I am sure Simon will be writing more on this!). Cameras are smaller; the format has changed from standard definition to high definition and now to 4K. And just as the World Economic Forum is finding, innovation doesn’t happen in isolation – the change in equipment leads to changes in techniques, with ideas that were once impossible to execute becoming commonplace.
Other factors identified that indicate innovation include education and access to information. The same in video. The more educated the client, the more likely they are to be early adopters of video and immediately understand the benefits of using video to communicate to their audience. And it’s repeated when thinking about access to information – being able to read, see and understand different points of view or discover new ways of thinking do lead to innovate ways of disseminating messages.
At Tallboy, we constantly find ourselves looking outwards in order to continually innovate with ideas, techniques and new ways to deliver exciting corporate videos. Just like having an innovation index, we look at so many different factors and influences to deliver the right storyboard for each video.
The key for the video innovation index is the audience; who is going to be watching. We also look at delivery – where are those videos going to be seen. And another factor is budget. The World Economic Forum has the level of investment as one of the key indicators of innovation – and again, it’s the same with corporate video. The bigger the budget, the more innovation there can be.
The World Economic Forum believes by showing the measurements of what makes innovation, countries can alter their political and fiscal policies to encourage more innovation. For Tallboy it’s simple – the main factors include time, talent and tools. Deciding what to invest in each of them ensures a corporate video that’s as innovative as it can be.
You can download and read the report here.