70:20:10 Model in Managing Innovation
The 70:20:10 Model in Managing Innovation is a business resource management model that was pioneered in 2005 by Eric Schmidt, ex-CEO of Google Inc, and is being practiced at Google ever since. It emphasizes the proportion of time that employees should spend on different activities, as given below:
70% on core business tasks
20% on projects related to core business
10% on projects unrelated to core business
This model signifies the need to redefine the (traditional) outlook towards business resource management. It encourages creativity, innovation, and experimentation within organizations, thus making them successful in today’s highly competitive world.