Innovation Funnel vs Innovation pipeline: What is the Difference?

Innovation pipeline and innovation funnel are two tools that businesses use for managing innovation. While many people use these terms interchangeably, they are two distinct methodologies, each serving a unique purpose in the innovation process. The innovation pipeline represents the step-by-step progression of an idea through a company's innovation process. In contrast, an innovation funnel follows the rigorous and ongoing comparison of proposals to a set of guidelines and standards, making it easier to identify good ideas worth pursuing. The article explains how these two methodologies differ, and the popular innovation methodologies that have influenced their approach. It also touches upon the innovation portfolio, which is a strategic tool used to gauge how innovation projects stand in terms of meeting specific parameters such as viability, impact, and innovation score. Finally, the article provides tips on how businesses can combine the use of the innovation funnel and pipeline to optimize innovation practices.