One of the hardest parts of managing innovation is picking the right projects and managing these at the same time correctly. In the literature about this subject the main discussions are about exploitation (using what you already have) vs. exploration (diving into new areas of business and hardcore innovation) and about stage-gate models for developing the right innovations.
Portfolio management is also an important subject in this, since this focusses on what projects are in your pipeline, and which one’s you are kicking out of it. This is usually done looking at the incremental/radical division and how far does is suit our strategy, but you can go much further.
In this new article by InnovationManagement.se the focus is on four different types of innovations to consider when doing portfolio management, including the two named above, but also focussing on business model innovation and new venture innovation, focussing on how the company should react when the entire market changes.
Really interesting stuff for any company to think about when setting up their innovation goals for the years to come. Especially since it forces you to think deeper about what you’re doing and where you’re going.