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 create ideas based on insights from previous phases and allow the management of a company to decide with a systematic approach, which ideas are ready to be validated. 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 here is that the management creates a common understanding, which ideas are the "most important" based on their aligned criteria set to balance the number of projects running at the same time and show 100% commitment to those ideas that have been selected.
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.