- Create a “decision forum” that includes members of finance, strategy and innovation.
- Adopt a uniform evaluation process that deals with the natural ambiguity of developing and commercializing innovative projects. Be supportive of agile development.
- Recognize that because it is impossible to consistently pick winners—some will fail while other will succeed—it is vital to develop and manage a portfolio of innovative projects.
- Tolerate failure and treat unsuccessful projects as learning opportunities. Failure to do so will severely inhibit true innovation.
- Maintain open lines of communication among finance, strategists and innovators.
The views in this article reflect a sample of the views of the participants in a panel discussion at the Back End of Innovation (October 2014).