More good advice from Harvard this morning. Innovation — that much talked about but hard to do “thing” in today’s world. Some great takeaways in this article.
Excerpt: Innovation: Companies that continually innovate — such as Google, Intuit, 3M, P&G, and Apple — don’t put all their eggs in one basket. Instead they create portfolios of innovation projects of different types, technologies, and markets, with large numbers of early stage projects and smaller numbers over time. The companies then actively manage these portfolios by allocating resources differentially — periodically killing some projects while doubling down on others. Conversely one of the reasons that companies struggle with innovation is that they don’t manage the portfolio of projects with enough rigor or discipline, allowing poorly-performing efforts to continue while starving those with more potential.
Read full article via Manage With a Portfolio Mindset – Ron Ashkenas – Harvard Business Review.