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What is your innovation portfolio strategy?

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Innovation is not a one-off event, but a continuous process that requires strategic planning and execution. How do you manage your innovation activities and allocate your resources across different types of projects? How do you balance the risks and rewards of pursuing new opportunities and improving existing ones? How do you measure and communicate the value of your innovation efforts? These are some of the questions that you need to answer when developing your innovation portfolio strategy.

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George William Ngobi

“Service Liaison Simplified”
Tasneem Mohamed

Innovation & Creative Culture Strategist | Speaker | Coach. Helping CEOs, Founders & Execs to Drive Innovation with a…

1 What is an innovation portfolio?

An innovation portfolio is a collection of projects and initiatives that aim to create value for your organization and your customers through new or improved products, services, processes, or business models. An innovation portfolio reflects your innovation vision, goals, and priorities, as well as your risk appetite and resource constraints. An innovation portfolio also helps you monitor and evaluate your innovation performance and impact over time.

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George William Ngobi

“Service Liaison Simplified”
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Business innovation is the art of transforming imaginative ideas into tangible solutions that revolutionize various aspects of our lives. Just as a newborn's cry marks the start of their journey in this world, innovation is an inherent human inclination that drives us to create novel concepts and groundbreaking advancements. Whether it is the realms of art, science, technology, or everyday practices. The aspiration to birth an idea capable of positively impacting people's lives while providing a sustainable livelihood for the visionary minds behind it is a shared dream. Many yearn to bring forth disruptive ideas to foster a better future for all. Personally, the realization of an MVP has often been hampered by financial constraints.

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Tasneem Mohamed

Innovation & Creative Culture Strategist | Speaker | Coach. Helping CEOs, Founders & Execs to Drive Innovation with a Globally Tried and Tested Framework to Adapt in an Era of Constant Change.
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For Innovation to succeed it must be intentional and deliberate. The intention should be set at a board level, the roadmap co-created by the CEO and executive suite and the roll out enabled across the organization - with a healthy cross flow of ideas across the business that is inclusive, beyond traditional departmental and other barriers.

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Khaoula Bouchkhi

Operator, Advisor, Investor ? Former SVP With Cross-Industry Bonds In Tech, Healthcare, Luxe, Retail & Culture ? Possibility Champion
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Innovation can start both bottom-up (transpiring to leadership) and top-bottom (cascading down). Why? Innovation is risk-taking in a desire to experiment while having a set of criteria, and yes, good judgement: it exists at all levels/functions of the organization. I have seen unexpectedly innovative ideas emerge from the least tasked-at-innovating roles: IT, legal… People have a secret rich life that can be unlocked to help reinvent together and that fascinates and supercharges me. As researchers, we ask questions, look, listen, go everywhere to unearth choices and ‘gold nuggets’ a company needs for an edge or a pivot. Also, an ‘open innovation cell’ with individuals from all departments, with varied seniority, old and new hires helps.

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2 Why do you need an innovation portfolio strategy?

An innovation portfolio strategy is a framework that guides your decision-making and resource allocation for your innovation portfolio. It helps you align your innovation activities with your strategic objectives, market needs, and competitive advantages. It also helps you diversify your innovation portfolio across different types, stages, and horizons of innovation, to ensure that you have a balanced mix of short-term and long-term, incremental and radical, and core and exploratory projects. An innovation portfolio strategy also helps you manage the uncertainty and complexity of innovation, by defining clear criteria, metrics, and processes for selecting, prioritizing, funding, reviewing, and scaling your innovation projects.

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George William Ngobi

“Service Liaison Simplified”
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A comprehensive portfolio encompasses both achievements and setbacks. For a creative thinker, enhancing this portfolio is impossible without encountering challenges that span the immediate and distant future. From my perspective, it's essential to showcase successful endeavors that highlight exceptional business acumen and practical expertise. Equally valuable are the ventures that didn't materialize. Recognizing these shortcomings cultivates resilience and strategic thinking. Take on projects that align personal aspirations. To acquire insights into resource management, project administration, and adept negotiation skills. Embrace both triumphs and failures into tapestry of experiences that contribute to personal and professional growth.

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Tasneem Mohamed

Innovation & Creative Culture Strategist | Speaker | Coach. Helping CEOs, Founders & Execs to Drive Innovation with a Globally Tried and Tested Framework to Adapt in an Era of Constant Change.
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In addition the innovation portfolio must seek to enable innovation and creative capability and culture building - innovation is only as successful as the quality of ideas that are being generated and the capability of its champions to hone them and transform them into actionable, measurable outcomes.

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3 How do you design an innovation portfolio strategy?

Designing an innovation portfolio strategy is unique to each context, objectives, and capabilities. A few steps to consider include defining an innovation vision and objectives, assessing the current innovation portfolio, designing a target portfolio based on the vision and objectives, and implementing and managing the strategy. When defining the vision and objectives, consider the main problems or opportunities you want to address and the desired outcomes or impacts. Assess the existing projects and initiatives in the portfolio, their types, stages, horizons, and returns. To design a target portfolio, balance different types, stages, horizons, and returns of projects. Criteria and metrics should be used to select, prioritize, fund, review, and scale projects. When implementing the strategy assign roles and responsibilities to your innovation team and stakeholders. Communication and reporting of performance should also be addressed. Monitor and evaluate your innovation portfolio to adjust your strategy as needed.

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Tasneem Mohamed

Innovation & Creative Culture Strategist | Speaker | Coach. Helping CEOs, Founders & Execs to Drive Innovation with a Globally Tried and Tested Framework to Adapt in an Era of Constant Change.
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Observations from truly innovative organizations is that innovation is regarded as an enabler of business strategy design and execution across touch-points and not something separate from what an organization is already doing. It’s imperative to understand that the portfolio is only one aspect of the innovation agenda, the other mission critical enabler of innovation is to build and sustain a creative thinking culture - for innovation teams to succeed they must set out to enable both.

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4 What are some tools and frameworks for innovation portfolio strategy?

Designing and managing an innovation portfolio strategy can be aided by many tools and frameworks, such as the Three Horizons Framework, Innovation Matrix, and Innovation Ambition Matrix. The Three Horizons Framework helps you allocate resources and attention across short, medium, and long-term horizons, while the Innovation Matrix assists in balancing projects across four quadrants: Incremental, Breakthrough, Disruptive, and Architectural. The Innovation Ambition Matrix maps projects according to their impact on your core business and competitive advantage in three zones: Core, Adjacent, and Transformational. All three frameworks help you align your innovation activities with your strategic objectives and market needs.

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5 What are some best practices for innovation portfolio strategy?

Designing and managing an innovation portfolio strategy requires several best practices. It's important to involve stakeholders, such as customers, employees, partners, and investors, in the ideation, selection, prioritization, funding, review, and scaling of innovation projects. Additionally, it's essential to experiment and learn from successes and failures, as well as monitor and evaluate the portfolio performance and impact. Lastly, the portfolio should be managed as a whole system with interdependencies and synergies between projects. It should also be balanced for short-term and long-term goals, incremental and radical projects, and core and exploratory projects in order to ensure that it is optimized for value and impact.

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6 What are some examples of innovation portfolio strategy?

Organizations such as Google, Procter & Gamble, and Netflix have been successful in implementing their innovation portfolio strategy. Google applies the 70-20-10 rule to allocate resources and attention across three horizons of innovation. Procter & Gamble uses the Innovation Ambition Matrix to diversify its innovation portfolio, while Netflix classifies its projects according to their market attractiveness and technological feasibility. Additionally, Google uses the OKR framework to set and communicate goals, while Procter & Gamble relies on the Connect + Develop model to involve external partners and suppliers. Furthermore, Netflix applies the Lean Startup method to experiment and learn from its projects, and Google has established the Google X lab to incubate and scale its moonshot projects. All of these strategies help organizations manage their innovation portfolios effectively.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Tasneem Mohamed

Innovation & Creative Culture Strategist | Speaker | Coach. Helping CEOs, Founders & Execs to Drive Innovation with a Globally Tried and Tested Framework to Adapt in an Era of Constant Change.
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For Innovation to truly succeed it needs a seat at the boardroom table which sets the tone that: 1. It is a business imperative. 2. It is deliberate and intentional. 3. It is a way of thinking, doing and being that enables excellence in strategy design and execution across the organisation. 4. It is a fundamental investment in the sustainability & future proofing of the organization for all its stakeholders.

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What is your innovation portfolio strategy?

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1 What is an innovation portfolio?

2 Why do you need an innovation portfolio strategy?

3 How do you design an innovation portfolio strategy?

4 What are some tools and frameworks for innovation portfolio strategy?

5 What are some best practices for innovation portfolio strategy?

6 What are some examples of innovation portfolio strategy?

7 Here’s what else to consider

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What is your innovation portfolio strategy?

1

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3

4

5

6

7

1 What is an innovation portfolio?

2 Why do you need an innovation portfolio strategy?

3 How do you design an innovation portfolio strategy?

4 What are some tools and frameworks for innovation portfolio strategy?

5 What are some best practices for innovation portfolio strategy?

6 What are some examples of innovation portfolio strategy?

7 Here’s what else to consider

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