The “evaluate backpack” supports the decision-making on what opportunities or concepts to work on and allocate resources.
A Strategic Innovation System (SIS) should be able to evaluate every opportunity or concept as necessary, as well as to look at an entire portfolio of initiatives in order to prioritize them and focus resources on the ‛best bets’ so that the potential value for the organization can be maximized.
More about it
- It facilitates prioritization activity leading to investment focus, responding to questions such as the following:
- Risks: what can go wrong? What can help the organisation to manage the risks? What is the criteria for decision-making?
- Selection: what are the best ideas and concepts? What concepts can give a viable answer to what is happening or will happen in the environment, thus ensuring the survival and growth of the organization over time?
- It includes tools and techniques such as the following:
- Scoring methods for the purpose of evaluating early stage innovation opportunities or concepts.
- Opportunity-Feasibility matrix for the purpose of prioritizing and selecting innovation initiatives/concepts.
- Financial methods for the purpose of evaluating late stage innovation initiatives/concepts