Innovation & Project Management - Partners in Growth

©Think For A Change, LLC.

Integrating Innovation Strategy & Project

Portfolio Management

Paul R. Williams, PMPThink For A Change, LLC.

©Think For A Change, LLC.

What Is The Difference Between Creativity & Innovation?

What Is The Difference Between Creativity & Innovation?

Creativity: The purposeful and organized pursuit of new ideas

Innovation: Acting on ideas to develop new products, services, processes and/or business models

Creativity: The purposeful and organized pursuit of new ideas

Innovation: Acting on ideas to develop new products, services, processes and/or business models

©Think For A Change, LLC.

Innovation – The RealityInnovation – The Reality

©Think For A Change, LLC.

What Is The Difference Between Project and Portfolio Management?

What Is The Difference Between Project and Portfolio Management?

Project Management: The discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives.

Portfolio Management: The method of organizing similar projects as part of an overall investment or strategic portfolio.

Project Management: The discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives.

Portfolio Management: The method of organizing similar projects as part of an overall investment or strategic portfolio.

©Think For A Change, LLC.

Portfolio Management – The RealityPortfolio Management – The Reality

©Think For A Change, LLC.

20 Years???20 Years???

©Think For A Change, LLC.

Nine Basic Steps of InnovationNine Basic Steps of Innovation

Problem Identification:1. Root Cause Analysis & Definition2. Applying Existing Knowledge to the Problem

©Think For A Change, LLC.

Problem Identification (Panic)Problem Identification (Panic)

©Think For A Change, LLC.

Nine Basic Steps of InnovationNine Basic Steps of Innovation

Problem Identification:1. Root Cause Analysis & Definition2. Applying Existing Knowledge to the Problem

Idea Generation:

3. Applying Idea Generation Techniques

©Think For A Change, LLC.

Idea Generation (Killing)Idea Generation (Killing)

©Think For A Change, LLC.

Nine Basic Steps of InnovationNine Basic Steps of Innovation

Idea Management System:4. Idea Input5. Idea Feasibility Analysis6. Idea Selection

Problem Identification:1. Root Cause Analysis & Definition2. Applying Existing Knowledge to the Problem

Idea Generation:

3. Applying Idea Generation Techniques

©Think For A Change, LLC.

Idea Selection (Cobbling)Idea Selection (Cobbling)

©Think For A Change, LLC.

Nine Basic Steps of InnovationNine Basic Steps of Innovation

Idea Management System:4. Idea Input5. Idea Feasibility Analysis6. Idea Selection

Problem Identification:1. Root Cause Analysis & Definition2. Applying Existing Knowledge to the Problem

Prototype & Implement:7. Idea Implementation8. Idea Feedback9. Idea Changes

Idea Generation:

3. Applying Idea Generation Techniques

©Think For A Change, LLC.

Implementation (Sort of…)Implementation (Sort of…)

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

APPROACHAPPROACH STRATEGYSTRATEGY BLENDBLEND COMMITMENTCOMMITMENT ENGAGEMENTENGAGEMENT BALANCEBALANCE EXTRAORDINARYEXTRAORDINARY

APPROACHAPPROACH STRATEGYSTRATEGY BLENDBLEND COMMITMENTCOMMITMENT ENGAGEMENTENGAGEMENT BALANCEBALANCE EXTRAORDINARYEXTRAORDINARY

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

STEP 1: Define your portfolio

APPROACHAPPROACH A portfolio is nothing

more than a logical collection of strategically similar projects

An innovation project is simply the management of an idea as defined above in the nine step process

STEP 1: Define your portfolio

APPROACHAPPROACH A portfolio is nothing

more than a logical collection of strategically similar projects

An innovation project is simply the management of an idea as defined above in the nine step process

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

STEP 2: Develop a

STRATEGYSTRATEGY or risk profile on “incremental vs. breakthrough” and “sustaining vs. disruptive” innovation initiatives

STEP 2: Develop a

STRATEGYSTRATEGY or risk profile on “incremental vs. breakthrough” and “sustaining vs. disruptive” innovation initiatives

Sustaining Breakthrough

IncrementalE

XIS

TIN

G

EX

IST

ING

vs.

NE

W

Disruptive

HIGH RISK

NE

W

LOW RISK

RISK

Sustaining Breakthrough

IncrementalE

XIS

TIN

G

EX

IST

ING

vs.

NE

W

Disruptive

HIGH RISK

NE

W

LOW RISK

RISK

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

STEP 3: Ensure the innovation

portfolio matches the incremental vs. breakthrough strategic BLENDBLEND

For example, if you decide that your organization should devote 70% of the time to product extensions and 30% of the time on new-to-market products, your innovation portfolio would have a 70/30 mix of these types of new idea projects

STEP 3: Ensure the innovation

portfolio matches the incremental vs. breakthrough strategic BLENDBLEND

For example, if you decide that your organization should devote 70% of the time to product extensions and 30% of the time on new-to-market products, your innovation portfolio would have a 70/30 mix of these types of new idea projects

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

STEP 4: Ensure that you have a broad range of

COMMITMENT COMMITMENT on the Innovation Portfolio Management Team from across your organization. 

STEP 4: Ensure that you have a broad range of

COMMITMENT COMMITMENT on the Innovation Portfolio Management Team from across your organization. 

INNOVATIONPORTFOLIO

MANAGEMENTTEAM

PROJECTMANAGEMENT

OFFICE

INFORMATIONTECHNOLOGY

MARKETING FINANCE LEGALHUMAN

RESOURCES

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

STEP 5: Ensure that you

have Senior Leadership ENGAGEMENTENGAGEMENT

Preferably a strong decision maker with authority

STEP 5: Ensure that you

have Senior Leadership ENGAGEMENTENGAGEMENT

Preferably a strong decision maker with authority

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

STEP 6: Ensure that you

constantly BALANCEBALANCE the innovation management portfolio against the overall organizational strategy

STEP 6: Ensure that you

constantly BALANCEBALANCE the innovation management portfolio against the overall organizational strategy

©Think For A Change, LLC.

The Innovation Project Portfolio Concept

The Innovation Project Portfolio Concept

STEP 7: Hire and retain

EXTRAORDINARYEXTRAORDINARY project, program and portfolio managers!!!

STEP 7: Hire and retain

EXTRAORDINARYEXTRAORDINARY project, program and portfolio managers!!!

©Think For A Change, LLC.

Innovation Needs Project Management

Innovation Needs Project Management

KEY POINTS: Each step along the overall organizational creativity and

innovation process requires management of a set of tasks, resource availability/time, issues and risks, decision points, etc. 

In essence, project/program/portfolio management skillsIn essence, project/program/portfolio management skills By combining the skills of a project manager with the

skills of an idea generator, we have the ingredients for successful innovation

A dreamer...matched with a doer A dreamer...matched with a doer By combining the discipline of project management with

the free-wheeling excitement of idea generation, we have increased the odds of innovative success

Unbridled enthusiasm...matched with a set of tasks leading Unbridled enthusiasm...matched with a set of tasks leading to an endto an end

KEY POINTS: Each step along the overall organizational creativity and

innovation process requires management of a set of tasks, resource availability/time, issues and risks, decision points, etc. 

In essence, project/program/portfolio management skillsIn essence, project/program/portfolio management skills By combining the skills of a project manager with the

skills of an idea generator, we have the ingredients for successful innovation

A dreamer...matched with a doer A dreamer...matched with a doer By combining the discipline of project management with

the free-wheeling excitement of idea generation, we have increased the odds of innovative success

Unbridled enthusiasm...matched with a set of tasks leading Unbridled enthusiasm...matched with a set of tasks leading to an endto an end

©Think For A Change, LLC.

Project Management Needs Innovation

Project Management Needs Innovation

“The real source of wealth and capital in this new era is not material things.. it is the human mind, the human spirit, the human imagination, and our faith in the future.” -Steve Forbes

"Innovation distinguishes between a leader and a follower."-Steve Jobs

"The winner is the chef who takes the same ingredients as everyone else and produces the best results."-Edward de Bono

©Think For A Change, LLC.

Fight The “Antibodies”Fight The “Antibodies”

©Think For A Change, LLC.

Prepare for the Next Revolution!Prepare for the Next Revolution!

“Sometimes…corporate culture change happens via revolution…

…The coming revolution will be fought over ideas and the desire of people to be free to bring new ideas to light (true innovation) versus the pursuit of following the processes of others (best practices)”

Tom Peters

“Sometimes…corporate culture change happens via revolution…

…The coming revolution will be fought over ideas and the desire of people to be free to bring new ideas to light (true innovation) versus the pursuit of following the processes of others (best practices)”

Tom Peters

©Think For A Change, LLC.

Use of BrandCamp cartoon images courtesy of Tom Fishburne and SkyDeckCartoons.com. Check out his new book “This One Time At Brand Camp” on Amazon.com!