Development of KPIs for Innovation Platforms A case study of CampX by Volvo Group

Abstract

This master thesis aims to identify key performance indicators that can effectively evaluate innovation platforms, with a specific focus on CampX, an innovation platform developed by the Volvo Group. The study formulates three research questions related to KPIs, factors for evaluating performance, and relevant measurement variables. The scope of the study focuses on the accelerator function of CampX, which serves as an incubator, accelerator, and venture builder. Data for the study was collected through 17 interviews with key stakeholders representing external, internal, and management perspectives of CampX. The findings of the study contribute to the understanding of how innovation platforms facilitate technology advancement through external partnerships with SMEs, although the generalizability of the findings to other innovation organizations and industries may be limited due to the case study nature of the research. The study concludes by identifying five crucial factors for measuring performance in innovation platforms namely: innovation strategy, innovation structure, leadership, culture and knowledge management. Furthermore, a set of 20 KPI categories with associated KPIs were established. Through consolidation, the five factors are simplified into three, resulting in a total of 12 KPI categories. The study recognizes the importance of combining both hard quantitative values and soft qualitative ones for measuring performance innovation. Furthermore, both soft and hard KPIs are proposed to measure the identified KPI categories. The study recommends that the KPI categories for CampX should be tailored to the organization's specific characteristics and account for the dynamic nature of performance measurement. Regular reassessment and adaptation of KPIs are necessary to align with internal and external factors. Conventional KPIs may not be sufficient for measuring performance in innovative contexts, therefore should organizations adopt a flexible and customized approach to innovation performance measurement, considering alternative KPIs. Eight of the 12 identified KPI categories are highlighted as particularly important for CampX to measure.