Creating An Innovation Portfolio: Building A Holistic Approach To Innovation

Many organizations have a very limited scope to their innovation activities or try to have one overall approach that handles everything. An innovative organization will have several key areas of innovation - each of these will require different approaches to capture people's creative innovative ideas and implement them. Creating a completely new product is different from updating an existing one or finding ways to improve the systems/processes in any organization. One may want to consider a portfolio for innovation. In other words, an innovation portfolio is the right mix of innovation activities to enlist people's creative ideas so great business opportunities are not lost.