Innovation-Developing-Stepping- Stones


Mar 25 2024


2:30 pm - 3:30 pm

Managing an Innovation Portfolio: Developing Stepping Stones

I support strategy planning for a technology company that offers software and services to researchers and scientists. Our flagship product is a database that integrates research data—including published research, grants, patents, clinical trials, and policy documents—to facilitate discovery, analysis, and assessment of research impact. Most of our customers are in the academic, government, or corporate sectors, with the corporate sector expected to become our largest customer segment within the next 2-3 years.I am working with their leadership to develop options for new products, services, or business models that align with our capabilities and present potential long-term opportunities for new areas of growth (see “stepping stones” in the below diagram).I’d like the group’s advice on the following questions:– How do we identify and prioritize investments in new areas, and what criteria should we establish for evaluating these opportunities?”– Should we initiate pilots to explore new products or services? How would we define and measure success, with KPIs to decide whether to scale, pivot, or sunset?– Considering our core capabilities in research data management, what business models could we explore to expand our market presence and value proposition?

Rita McGrath, Framework for Innovation Capability