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8/05/2014 at 9:51 AM
3 Key Metrics to Measure the Impact of Your Social Innovation
We recently talked about how to overcome resistance to innovation, and proposed a few strategies to help remove those hurdles. Now the question becomes, how do you know if the solution you are building is achieving its goals?  The key is to track and monitor the progress of your initiative using clearly defined metrics.  The difficult task is choosing the right metrics for your project to ensure success with winning over all of your stakeholders. 

The Stanford Social Innovation Review offers up three levels of metrics to help measure the social impact of projects:

1. Accountability
This is basically reporting the Return on Investment (ROI) to your stakeholders, donors or customers.  These metrics are very similar to those that most commercial organizations would use to track their health and sustainability.

2. Common Standards
In order to distinguish yourself or your product from others, social innovators need to establish standards that can be translated and understood by all constituents so we're all speaking the same language.

3. Integration
Coalesce impact metrics with financial and operational ones. As the Review points out, "Integrated metrics can help organizations develop better products and services, improve resource allocation, and build more efficient and impactful businesses."

How are you measuring the impact of your social innovation? Do you have tips to share?

Meet the Moms

& Their Projects
Kathleen Chromicz

Villages Innovate Kathleen is a teacher committed to Service Learning concerning global issues. She is a mother to two grown men who she regularly video conferences with just so they can keep up with her.

Adjacent To One

Digital Commuter Strategy Our big idea is to use digital technology to improve and streamline the end-to-end experience of New York City's public transportation system. We're on the hunt for a mom who is as passionate as we are about innovation in public transportation. 

Past Moms

Science Matters, Ameeta Mukherjee

Ameeta is a graduate of Carnegie Mellon University, and worked as an engineer and scientist in Silicon Valley for over 15 years. She lives in California with her husband and two young boys.