How To Manage an Innovation Portfolio

Innovative ideas can come from all levels of an organization, but many companies fail to manage them effectively. This can result in valuable innovations being buried in the day-to-day grind of existing product management. To realize the potential of these early stage innovations, companies need a governance structure, targeted funding, and a process for selecting and nurturing the best ideas. An early-stage product portfolio management process requires a senior team overseeing a portfolio of potential products. The Venture Board evaluates new ideas and invests in the ones with the greatest potential. Funding an innovation portfolio should be included in the annual budget, with at least three projects supported by a budget big enough to approve in the budget year. A process for managing product concepts also includes a set of deliverables and clear entry and exit criteria.