How to Build an Innovation Portfolio

Pick out easy to implement and high-impact ideas to work on first.

Innovation can occur through incremental steps or as a result of a radical breakthrough in a technology or process. Identifying opportunities for innovation can be improved by the following process:

• List all the possible innovations you could make.
• Arrange them by impact area: product, service, process or market.
• Score each idea in terms of impact and ease of implementation.
• Plot on a chart with impact and implementation on the two axes.
• Pick out easy to implement and high-impact ideas to work on first.
• Look at other high-impact ideas that may be harder to implement.

ACTION POINT: Look for innovations that have a high-impact or that can be implemented easily.