BUSINESS RESEARCH

Organising and Managing Innovation Portfolio

The success of a company largely depends on its ability to innovate. Innovation becomes especially relevant in light of the rapidly changing environment. At the same time, chief executives struggle with managing innovation initiatives: while being aware of innovation efforts that go on within their organisations, they fail to grasp the scope of these activities.

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May 2012

Recent research suggests that to excel at total innovation management companies need to pursue innovation at three levels of ambition, carefully managing the balance among them:

(1) Core – optimising existing products for existing customers;

(2) Adjacent – expanding from existing business into ‘new to the company’ business;

(3) Transformational – developing breakthroughs and inventing things for markets that do not yet exist.

Transformational initiatives, which attract around 10% of investments, bring the largest returns. They are vital to a company’s on-going health and require unique management approaches:

• Talent should include a diverse set of skills and be able to deal with ambiguous data
• Teams should be separated from day-to-day operations
• Funding should come from outside the normal budget cycle
• Pipeline management should focus on the iterative development of a few promising ideas, not the ruthless filtering of many
• Metrics should recognise nonfinancial achievements in early phases

Referenced techniques

Technique

Business Innovation

The concept explores innovation and how it can create and capture value for organisations. It will provide professionals with a basic understanding business innovation.

Technique

Innovation Capital

Innovation capital is critical to building a competitive advantage in the knowledge economy. The concept explains how organisations can leverage their unique organisational knowledge to create economies of scale and scope, as well as differentiation.

Technique

Innovation Management

The concept determines the critical factors of innovation management. It reviews the managerial practices of successful innovators and summarises the strengths and limitations of innovative approaches.

Technique

Types of Innovations

Innovations may manifest in a variety of forms and are a critical competitive capability of most firms. Case study evidence presented alongside practical implementation steps, assist business leaders to understand how different types of innovation help to build an innovation culture.

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