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• W254657172 abstract "We clearly had a challenge in front of us. Our traditional markets were undergoing a radical restructuring and downsizing. Our customers were demanding substantial changes to accommodate their new realities in the field. And competitors were emerging from unexpected niches within the industry. We needed both a way to capture more internal innovative ideas and a system for managing and funneling these ideas into existing product-development processes. The objective emerged after discussions with senior management: develop a system to rapidly examine 100 new ideas for products and services each calendar quarter, select the 10 best, and develop them into product prototypes for market trials. This innovation pipeline, which would deliver more and better concepts into our development process, was how we would get out in front of our competitors and put new, innovative products into the hands of our customers more quickly. The company already had a well-practiced approach for developing a product once it passed the initial review at gate A, the point at which every product concept was matched to a market customer, aligned with strategy, and assigned a development team with a budget. Substantial resources were frequently committed to projects at gate A or shortly thereafter. Subsequent gates included the usual checks on execution of deliverables, specifically budget, performance, and schedule. Often, several projects were bundled together in what was termed a project portfolio. These portfolios didn't really operate much like those described in the literature on the subject (see, for example, Cooper, Edgett, and Kleinschmidt 2002a). Project portfolio managers had few of the prerogatives usually reserved for portfolio managers, such as establishing the alignment, determining the right number of concepts, or balancing the selection of concepts. Instead, the focus was on maximizing the value of the existing portfolio through tactical management of resources. Attrition rates were typically fairly low--in the neighborhood of 20%--partly because the projects were deemed essential to an established strategy, but also because of the resources that had already been committed. With such restrictive practices common to many of our portfolios, we quickly realized that a portfolio would not deliver the capabilities senior managers were seeking. Clearly, a different portfolio management process was required to bridge the gap between ideas and development-ready products--a or innovation portfolio model. An innovation portfolio has a different objective than a portfolio and differs in significant ways (Table 1). Where the portfolio is focused on execution and delivery, the innovation portfolio concerns itself with the development of a coherent portfolio strategy and the maturation and selection of candidates, called concepts. The innovation portfolio, then, connects existing ideation events, where ideas are born, and portfolios, where matured concepts are developed into products and services (Figure 1; see also Cooper and Edgett 2009). [FIGURE 1 OMITTED] Innovation Portfolio Design Principles Designing an innovation portfolio requires a foundational understanding of the behavior of the innovation process and how it differs from the new-product development process (see Terwiesch and Ulrich 2008; Roseno 2008). A portfolio, which manages projects through a quasi-deterministic process with low attrition rates, differs from an innovation portfolio, which is managed through a complex and emergent process, in part because of the high uncertainty and resultant high attrition rates of the concepts themselves. Unlike a portfolio, which is governed by a closely defined strategy (Cooper, Edgett, and Kleinschmidt 2000), an innovation portfolio is typically initiated with only a weakly defined strategy, perhaps more accurately called a strategic intent. …" @default.
• W254657172 created "2016-06-24" @default.
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• W254657172 date "2010-11-01" @default.
• W254657172 modified "2023-09-27" @default.
• W254657172 title "INNOVATION PORTFOLIO ARCHITECTURE An innovation portfolio is designed to funnel ideas from initial conception to product development. Unlike a project portfolio, which is focused on managing products in development and guided by a clearly defi ned strategy, an innovation portfolio is a collection of concepts loosely organized around an emerging strategy." @default.
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