This study contributes to the growing body of literature on innovation and R&D performance measurement, and especially the dimensions of measuring performance. Our recommendations in this paper are based on the opinions of 169 knowledgeable professionals from a company with a reputation for innovation. Our study results indicate that what the most appropriate measures of project‐level success are will depend on the form of innovation involved and the development project type. The results of the study reveal the relatively low significance of financial measures for innovation projects in general. Additionally, measurability did not seem to be a major criterion for selecting measures, as measures like level of innovativeness were selected most often. The roles of the evaluators are also likely to have some impact.