This document discusses innovation practices and challenges with traditional portfolio management approaches. It notes that an organization's project portfolio is typically a leading indicator of where the organization will be in 3-5 years. However, portfolio practices are often inconsistent with an innovation mindset, focusing more on risk avoidance than learning and experimentation. The document advocates embracing a "funnel" approach to innovation that emphasizes insight generation, rapid prototyping, and having "more swings at the bat" through iterative testing of ideas. It also discusses specific programs and courses at UC Berkeley's Haas School of Business aimed at advancing innovation practices.