It is hard to kill projects. So hard, in fact, that many innovation portfolios have a few large projects and a long tail of smaller projects that consume resources while adding very little to the value of the pipeline. Companies are often reluctant to kill projects because it will shrink the value portfolio or they are concerned that development personnel will not have enough to work on.
News flash: the small projects in your portfolio that never leave the portfolio aren’t getting enough attention to advance, and serve as a distraction that slows progress on more important projects.
In your portfolio management process, focus on the value proposition for each project. If a project lacks a clearly articulated and well understood value proposition, dedicate resources to develop the value proposition or kill the project. Find out how Industrial Market Insight can help.