Resilient Innovation Portfolio Management- Exploring Alternative Approaches

Abstract

Managing innovation portfolios is crucial for gaining a competitive edge in dynamic markets. Traditional product portfolio management often relies on formal approaches, which struggle to address the complexities of early-stage innovation, such as predicting customer needs, developing effective strategies, and aligning products with market needs. Most research focuses on minor modifications by introducing new tools into existing portfolio tools, which often lack practical application in case studies and fail to demonstrate portfolio outcomes. This paper presents an integrated innovation portfolio management approach that combines the theory of inventive problem-solving (TRIZ), quantum economic analysis (QEA), and open innovation (OI). This approach enhances portfolio analysis by merging TRIZ’s predictive exploratory foresight with the evaluatory perspective provided by the QEA-OI tool, aligning products, markets, and organisations while offering a flexible decision-making structure. A hypothetical case study illustrates the application of this methodology to seven product families in the consumer electronics industry, detailing the portfolio design process. Results reveal the potential of this methodology in identifying high-value innovation opportunities. The combination of TRIZ and QEA-OI presents a pragmatic alternative for developing resilient innovation portfolios, facilitating product comparisons and visualising growth strategies.