- **1. Return from Investment (ROI)**: ROI is an essential metric that determines the return on spending in an innovation project. It helps companies decide the financial advantages of an innovation and contrast it to its costs. In order to calculate ROI, divide the total benefits of an innovation by its total costs and multiply with 100.

- **2. Time-to-Market (TTM)**: Time to market is a essential metric that measures the time it takes for an innovation to reach the market after it's planned. It's essential to have a clear understanding of the innovation's development phase, manufacturing phase, and launch phase to accurately track TTM. A quicker time to market can be a considerable advantage for companies looking to stay competitive.

- **3. Innovation Cycle Time**: This metric calculates the time it takes for an innovation to complete a single innovation cycle, embracing thought generation, idea evaluation, prototyping, and implementation. This helps companies understand their innovation speed and determine areas for improvement.

- **4. External Innovation Partnerships**: Partnerships with external partners, such as universities, startups, or other companies, can provide valuable insights, abilities, and knowledge to speed up innovation. Evaluating external innovation collaborations can help companies assess the effectiveness of their innovation collaborations.

- **5. Employee Innovator Rate**: The metric calculates the number of employees involved in innovation within a company. This helps companies assess the level of innovation awareness and involvement among their employees and determine potential innovation champions.

- **6. Idea Control System (IMS) Utilization**: Idea management systems are designed to control and monitor ideas within an organization. Measuring IMS utilization can help companies understand how well their employees are utilizing the system and how efficiently it's supporting innovation.

- **7. Innovation Spend as a Percentage of R&D Expenses**: The metric calculates the percentage of research and development (R&D) expenses allocated to innovation initiatives. It helps companies assess the level of commitment in innovation and contrast it to R&D expenses.

- **8. Innovation Success Rate**: This metric calculates the percentage of successful innovations out of total innovations attempted. It helps companies assess the productivity of their innovation efforts and identify areas for improvement.

- **9. Employee Involvement with Innovation**: The metric calculates employee engagement with innovation within a company. It helps companies evaluate the level of innovation literacy and product design ideation techniques involvement among their employees and identify potential innovation champions.

- **10. Net Promoter Score (NPS) for Innovation**: The metric measures customer loyalty and advocacy for a company's innovations. This helps companies assess the perceived worth and satisfaction level of their innovations among customers.

Moreover, measuring innovation is an essential aspect of developing successful innovative products, services, or processes. By monitoring the key innovation metrics mentioned above, companies can get a deeper knowledge of their innovation efforts and determine areas for improvement to foster a more innovative and successful business.