OVERVIEW: An innovation portfolio, which is focused on early-stage ideas whose role in the overall strategy is still evolving, is very different from a project portfolio, which is focused on managing products in development. Our company sought to implement an innovation portfolio program to manage the development of concepts from initial idea to the front end of the project portfolio.
The design of the innovation portfolio was motivated by the desire to increase the number and quality of projects entering into the project portfolio process. The innovation portfolio must allow for an evolving strategy as the most promising concepts emerge, leveraged by incremental investments. Unlike a project portfolio, attrition in the innovation portfolio will be very high, with concepts being shelved at each phase of analysis. The innovation portfolio is still in the process of thorough evaluation, but initial results are encouraging.
Volume 53, Issue 6, November-December 2010