The purpose of managing an innovation portfolio is to create favorable conditions to develop concrete innovations. Effectively managing a project portfolio helps optimize R&D budgets, human resources, and design, production, and sales timescales. Here’s some tips to help you manage your cherished patents.
Innovation portfolio?
Managing an innovation portfolio is an exercise in good judgement. For example, technology transfer innovation companies manage these portfolios with the aim of identifying innovations with high potential and knowing how to give up on projects that are risky or have low potential. It involves deciding how to generate profits (by developing new products? By developing existing innovations?) and the markets to target (existing markets? Adjacent markets? New markets?).
Tip no. 1 – Validate the potential of your innovations
Try to validate the potential of your innovations at a very early stage in the development process. By doing this you’ll be armed with in-depth knowledge and understanding of your technologies and the markets they could develop in. This will allow you to keep up with the pace of your R&D and take the necessary measures (patents, trademarks, etc.) to prevent any disclosure during development.
Tip no. 2 – Explore the full potential of your innovations
Not all the research conducted by your R&D and marketing department leads to major innovations. Your mission is therefore to maximize the value of your innovations by identifying :
– The right fields of application: Your innovations should flourish in a growth sector that offers the maximum returns. You should also consider unexpected fields of application that may be useful in the future.
– The right territory(ies) to target: Local, national, or international markets? Determine the geographic area(s) where your innovations have the best chance of finding their audience.
– The competition: This is the final element to carefully study to ensure you invest in the right innovation. What is already on offer from actors in the same sector? What are their strengths and weaknesses? What is your technological promise and what is your strategy to differentiate yourself?
Market Test studies are used at this stage to check the potential of an innovation and ensure that you position yourself in the right market with manageable competition and a suitable target.
Tip no. 3 – Develop your project
So, you’ve collected and analyzed all the data you need to understand your markets. Now it’s time to make a decision and justify your choices. The more you’re able to explain your decisions using concrete data, the more you’ll reassure your audience and add value to your projects. Whilst the technical side of your innovations speaks for itself, it’s the combination of market data and your expert eye that adds value to your portfolio.
Tip no. 4 – Captivate your investment committee
Before submitting your project to your investment committee, develop your arguments! Show that your project is also of interest to your stakeholders: distributors, suppliers, clients, etc. Contact these stakeholders and collect their opinions and expressions of interest. By doing this, you’ll be able to identify potential objections, consolidate your project using concrete arguments, and increase confidence in your project.
You’re now ready to meet your investment committee! A tip to make yourself stand out: use your Market Test studies. Using a summarized, easy-to-read report that highlights the expressions of interest you’ve received will help your management quickly understand the potential of your innovations.
Understanding the market is the cornerstone of innovation management. It’s essential for maximizing the potential of an innovation and can make all the difference when persuading your investment committee. One last piece of advice: take care of your Market Test to ensure your success!
