Innovation is the lifeblood of a business, and you as a leader are either helping business drive innovation, or you're putting up road blocks through inactivity and business as usual. But imagining innovation and driving innovation are two separate things, as any CIO will tell you. It's because of this that Mario Trentim writes this blog post, explaining what is required to create an innovation portfolio.
Determining the role of ROI is the first step in managing a portfolio. Managing an innovation portfolio requires the balance of the three things:
- Incremental innovation: Developing new products, processes or services
- Basis innovation: Researching low-maturity technology
- Radical innovation: Supporting efforts to create breakthrough innovation
Developing the wrong technology can ruin a business. Choose projects that consider the following criteria and support the businesses long term goals.
- Strategic alignment
- Potential to generate innovation
- Level of risk
- Technological maturity
- Use of resources
- Degree of complexity
- Level of interdependence with other projects