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Innovation management for SMEs – a practical guide.
Innovation management means turning new ideas into results systematically: from the first thought through the decision to revenue. It is not a creativity workshop and not paperwork, but a recurring sequence of decisions. Five steps are enough to start.
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Your own process in five steps.
Goals and search fields. Where should something new emerge – new products, services, processes, markets? Two to four search fields are enough. They give ideas a direction and make rating easier.
Collect ideas. Everyone should be able to submit an idea in a minute, also on the phone. Quick feedback matters: whoever never hears what became of their idea won’t bring a second one.
Rate. Attractiveness (customer value, market potential, strategy, differentiation) and risk (technology, market, resources) – rated together, so the view from the workshop counts as much as management’s.
Steer as a portfolio. Don’t judge each project alone but the whole: does the sum fit the budget? Are the people there? Are there enough quick wins next to the big bets? Stopping is part of it.
Measure and learn. Once a year, plan versus actual: costs, dates, revenue. That makes the next estimates better.
Ten questions to see where you stand.
Have we set two to four search fields?
Can anyone submit an idea in a minute?
Does every idea get feedback within two weeks?
Do we rate with fixed criteria for attractiveness and risk?
Do we rate together rather than by hierarchy?
Do we know our innovation budget per fiscal year?
Do we know which skills the next projects lack?
Did we deliberately stop a project last year?
Is there a fixed portfolio review, for example every quarter?
Do we compare plan and actual once a year?
↓ Download the checklist as PDF
A process only holds if people carry it.
frontup.ch helps leaders anchor the process in daily work. Innovation Board takes planning and coordination off your hands – leaving more time for what counts: deciding and delivering.
More: Innovation portfolio software · Project portfolio management · Stage-gate tool · Coaching at frontup.ch
Innovation portfolio software
Project portfolio management
Stage-gate tool
Don't read. Try it.
A full board with sample projects is waiting in the sandbox. Click around, rate, re-plan. Everything is reset every night, so you cannot break anything.
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Business game for schools: Innovation Board Play
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Innovation management guide