Innovation & Project Management - Partners in Growth

Integrating Innovation Strategy & Project Portfolio Management Paul R. Williams, PMP Think For A Change, LLC.

What Is The Difference Between Creativity & Innovation?
Creativity: The purposeful and organized pursuit of new ideas
Innovation: Acting on ideas to develop new products, services, processes and/or business models
Creativity = Spending money to generate ideas Innovation = Spending ideas to generate money

Innovation – The Reality

What Is The Difference Between Project and Portfolio Management?
Project Management: The discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives.
Portfolio Management: The method of organizing similar projects as part of an overall investment or strategic portfolio.
Project = Deliver One Thing Successfully Portfolio = Deliver many things successfully and strategically

Portfolio Management – The Reality

20 Years???

Nine Basic Steps of Innovation
Problem Identification:
1. Root Cause Analysis & Definition
2. Applying Existing Knowledge to the Problem

Problem Identification (Panic)

Idea Generation: 3. Applying Idea Generation Techniques

Idea Generation (Killing)

Idea Management System:
4. Idea Input
5. Idea Feasibility Analysis
6. Idea Selection

Idea Selection (Cobbling)

Idea Management System:
4. Idea Input
5. Idea Feasibility Analysis
6. Idea Selection
Prototype & Implement:
7. Idea Implementation
8. Idea Feedback
9. Idea Changes

Implementation (Sort of…)

The Innovation Project Portfolio Concept
APPROACH
STRATEGY
BLEND
COMMITMENT
ENGAGEMENT
BALANCE
EXTRAORDINARY

STEP 1:
Define your portfolio APPROACH
A portfolio is nothing more than a logical collection of strategically similar projects
An innovation project is simply the management of an idea as defined above in the nine step process

STEP 2:
Develop a STRATEGY or risk profile on “incremental vs. breakthrough” and “sustaining vs. disruptive” innovation initiatives

STEP 3:
Ensure the innovation portfolio matches the incremental vs. breakthrough strategic BLEND
For example, if you decide that your organization should devote 70% of the time to product extensions and 30% of the time on new-to-market products, your innovation portfolio would have a 70/30 mix of these types of new idea projects

STEP 4:
Ensure that you have a broad range of COMMITMENT on the Innovation Portfolio Management Team from across your organization.
INNOVATION PORTFOLIO MANAGEMENT TEAM PROJECT MANAGEMENT OFFICE INFORMATION TECHNOLOGY MARKETING FINANCE LEGAL HUMAN RESOURCES

STEP 5:
Ensure that you have Senior Leadership ENGAGEMENT
Preferably a strong decision maker with authority

STEP 6:
Ensure that you constantly BALANCE the innovation management portfolio against the overall organizational strategy

STEP 7:
Hire and retain EXTRAORDINARY project, program and portfolio managers!!!

Innovation Needs Project Management
KEY POINTS:
Each step along the overall organizational creativity and innovation process requires management of a set of tasks, resource availability/time, issues and risks, decision points, etc.
In essence, project/program/portfolio management skills
By combining the skills of a project manager with the skills of an idea generator, we have the ingredients for successful innovation
A dreamer...matched with a doer
By combining the discipline of project management with the free-wheeling excitement of idea generation, we have increased the odds of innovative success
Unbridled enthusiasm...matched with a set of tasks leading to an end

Project Management Needs Innovation
“ The real source of wealth and capital in this new era is not material things.. it is the human mind, the human spirit, the human imagination, and our faith in the future.”
Steve Forbes
"Innovation distinguishes between
a leader and a follower."
Steve Jobs
"The winner is the chef who takes the same ingredients as everyone else and produces the best results."
Edward de Bono

Fight The “Antibodies”

Prepare for the Next Revolution!
“ Sometimes…corporate culture change happens via revolution…
… The coming revolution will be fought over ideas and the desire of people to be free to bring new ideas to light (true innovation) versus the pursuit of following the processes of others (best practices)”
Tom Peters

Use of BrandCamp cartoon images courtesy of Tom Fishburne and SkyDeckCartoons.com. Check out his new book “ This One Time At Brand Camp ” on Amazon.com!

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Innovation & Project Management - Partners in Growth

by American Institute for Innovation Excellence on Dec 29, 2009

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Innovation & Project Management - Partners in Growth — Presentation Transcript