Shift Portfolio Mix
- Rigorously place your projects on the Innovation Screen.
- Invest more in Pearls to accelerate their development.
- Since there typically are too many Bread & Butter projects, reduce clutter by eliminating some of the low-potential ones.
- Reformulate White Elephants as Oysters, where possible (there are often big ideas hidden inside of small ones). For those White Elephants where it’s not possible, kill them.
- Invest in more Oysters. Relentlessly kill the ones that fail.
- Define one or more big visions for the project, even those that may be a little unrealistic.
- Identify proof points: what evidence would you need to see to believe the vision is achievable? Look at the problem outside-in, staying away from your areas of strength.
- Assess the difficulty (probability of success and required investment) of demonstrating each proof point. Order the proof points from hardest to easiest to demonstrate.
- Start with the hardest. Construct a learning plan to deliver evidence on the hardest proof points as cheaply and quickly as possible.
- As the learning plan delivers each proof point, double down. If a learning plan fails to deliver a proof point, abandon it or pivot it to an alternative vision.
Profitable Pivots at MindXchange
SmartOrg presented “Proof Points: Profitable Pivots for Your Portfolio” at the 2016 Frost & Sullivan MindXchange New Product Innovation and Development conference in La Jolla, California. Assisted by thought leaders Bernard Janse (Buckman International), James Gross (Johnson Controls) and Udi Chatow (recently of HP), we showed the attendees four practical ways to seek out and unlock hidden value in an innovation/new product portfolio:
- Exploit Upside Factors
- Dynamic Portfolio Focus
- Shift Portfolio Mix
- Learning Plans