Ideas & Portfolio
Innovation management is a process of balanced risk-taking. We take a manageable amount of risk by putting ideas into a portfolio and selecting them based on strategic, economic and organisational criteria. Selected ideas are not implemented right away but thoroughly validated before we invest big money.
Purpose
The purpose of this phase is to generate ideas based on insights from the previous phases and enable management to systematically decide which ideas are ready for validation. Practical evaluation criteria can be strategic (alignment with "Picture of the future" and strategy), economic (market potential) and organisation (effort or distance to success). The key is for management to create a common understanding of which ideas are most important, based on aligned criteria. This helps balance the number of projects running simultaneously and ensures full commitment to selected ideas.
Elements
1
Ideas creation
Ideas created by project teams based on inspiring insights from strategy and the previous exploration.
2
Portfolio
Two-dimensional matrix that allows to span an entire ideas landscape.
3
Evaluation criteria
Set of criteria that allows a management team to evaluate ideas.
4
Management team
Evaluation and selection of ideas based on joint management decisions.