Innovation Portfolio Management for Small-medium Enterprises
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ISSN: 1004-3756 (paper), 1861-9576 (online) CN 11-2983/N
Innovation Portfolio Management for Small-medium Enterprises Daniel Pashley,a Theo Tryfonas,b Andy Crossley,b Chris Setchell,a Stylianos Karatzasc a iMETRUM Ltd., Bristol, UK [email protected], [email protected] b Civil Engineering Department, University of Bristol, UK [email protected] (), [email protected] c Civil Engineering Department, University of Patras, Greece [email protected]
Abstract. For small and medium sized enterprises, portfolio management can be a difficult exercise; es-
pecially when the available paths forwards are shrouded in mystery. To overcome this, they are required to research and decide upon the path to follow, but this can be difficult when the information to gather is unclear, leading to ad-hoc processes and inconsistency. The motivation for this project originated from a small and medium sized enterprise experiencing this problem of unknown critical information and a technological portfolio with significant potential. With no procedure or method in place, they conducted the research in an ad-hoc way resulting in uncertainty and low repeatability of decisions. To tackle this problem, innovation structuring frameworks were synthesised with appropriate risks and context to pose a new structure for information capture. The resulting structure was tested within the small and medium sized enterprise to investigate the repeatability of the information capture and the subsequent ranking. The proposed structure was also analysed by - process experts for its wider applicability. For the small and medium sized enterprise, this led to a consistent and repeatable method that delivered increased confidence about selecting a path forwards for its portfolio. In addition, it was found to be applicable to external organisations increasing the model’s worth and applicability. The implications of this work have led to a change in the operational procedure of the small and medium sized enterprise to utilise the defined process for researching new ideas for their portfolio which can lead to repeatable and trustworthy decisions. This also has applicability to other similar companies and could lead them through a repeatable process as presented here. Keywords: Portfolio management, directed research, decision support, small-medium enterprise
1. Introduction In order to ensure continual development, companies need to generate new ideas for products to extend their portfolio (Kaiser et al. 2015). These new ideas need to present a - meaningful next step to ensure the product becomes a worthy next iteration or radical development (Sperry and Jetter 2009). Therefore, the generation of sufficient ideas in relation to the company’s portfolio and strategy is required (Meifort 2015). As a product that is separate from the company’s offerings or se-
lected strategy can prevent desired growth and inhibit chances of survival (Sperry and Jetter 2009). Companies also generally operate and exist within a particular sector o
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