I help in STRATEGY ๐ & INNOVATION ๐ and facilitate your WORKSHOPS ๐ฉ๐ป & SPRINTS ๐โ๏ธ
The crucial role of innovation portfolio management Without structured innovation portfolio management, navigating the complexities of new ideas and initiatives can quickly become overwhelming. Organizations risk descending into chaos, where the strategic alignment and potential value of each idea cannot be accurately assessed or realized. THEREFORE Use these crucial questions to ask ourselves regularly: โ Does This New Thing Fit In? - Ensuring that new ideas align with our overall strategy and goals is essential. If it doesn't fit, it might not be worth the chase. โ Does This Need to Be Dropped Out? - Not every idea will fly, and that's okay. Recognizing when to let go is just as important as pushing forward. โ Is This Already Done and Ready? - Sometimes, we might be sitting on a goldmine without realizing it. Is there something in our portfolio that's ripe and ready to go? โ Does This New Thing Meet Our Criteria? Set criteria for what makes an idea worth pursuing. If a new idea doesn't meet these criteria, it might be time to pivot. โ Is This Thing Getting Too Big? - Scale is crucial. If an idea grows beyond our capacity to manage it effectively, we must reassess it. โ Do We Need More People? - Great ideas need great minds. Do we have enough hands on deck, or is it time to bring in more talent? โ Do We Need More Budget? - Sometimes, the budget is the only thing standing between an idea and its realization. Is it time to allocate more resources? โ Are All Our Topics Covered? - Innovation should be comprehensive. Are we exploring all avenues or missing out on potential game-changers? Managing an innovation portfolio takes work. It requires ๐ constant questioning, ๐ regular assessment, and ๐ a flexibility to adapt. You need strong decision-making and the willingness to stick to these decisions without bypassing authority. --- I write about Innovation & Strategy. If you like this, follow Dr. Nils Jeners ๐ --- #innovation #strategy #drnils
Brilliant canvas for innovation portfolio management! It's a mission-oriented framework in my opinion and strategically aligns the organization's innovative efforts ๐ Would love to know your perspective Dr. Nils Jeners: I also consider the performance and outcome of innovation an integral part of my systems thinking: What does the outcome look like? How can we measure our performance?
Marc Hoppermann
3mo
Thanks for sharing. These are some great questions to ask. I think they combined nicely with an exercise called Ecocycle planning (Liberating Structures). By mapping out the Innovation portfolio along this cycle, it becomes evident where the shortages appear and which projects might be ready to be dropped out. Your questions fit nicely in the different stages ones mapped.
Stephan Kotze
3mo
Dr. Nils Jeners, thanks this is very interesting indeed! Made me wonder ... is that "Innovantion Portfolio" or "Innovation Programme"๐ค or is that an irrelevant questionโ๏ธ
Ahmed Abousuwa
3mo
are these questions meant for a portfolio of the same company or multiple once?
Innovation portfolio management is key to success. Regularly question, assess, and adapt.
Raj Grover
3mo
Awesome work, Dr. Nils Jeners
BizBoosting Founder/CEO, Emerging Markets Graphene, Disruptive Innovation in Nanotechnologies, IR4.
3moDr. Nils Jeners your "diagram" looks nice and pretty because "simplistic", but as former Product Manager, I can tell you many things are missing. Product Management implies to take care of the whole transversal value chain, from Design (feasibility with R&D), to Specifications, to Implementation into Production, to Billing, to legal Documentation and Contracts, to Call-center Setup & Training, to Supply chain overview, to Marketing & Sales training, etc, etc.... (many aspects missing). Moreover, the new product, when validated, must be integrated in all resources agenda (most critical part) and prioritised, assuring resources and investments are sufficient. So your graph is very light, just to draw a first draft with colleagues....