The trouble with a good innovation search approach is that it throws up so many opportunities for innovation. But how do we choose from all the things we could do the ones that we go to do, and why? How do we select a balanced portfolio in terms of risk and reward? How do we work with our limited resources to make the best bets?

 

Fortunately, there are plenty of powerful tools to help with this selection challenge. For example:

 

• the business model canvas, entrepreneur’s storyboard and similar frameworks which draw together the key elements in making the case for how an idea might create value

 

• quantitative techniques for assessing financial aspects around return on investment, or cash flow

 

• qualitative techniques for supporting and building the business case

 

• portfolio methods like matrix methods or bubble charts, which help ensure balance between risk and reward.

 

For more on these and many other selection tools, click on the links below.