Definition
Strategic review of the functioning of the innovation portfolio and the innovation engine.
In detail
Strategic Innovation Review (SIR) is a periodic, structured review mechanism for the innovation portfolio and the health of the innovation engine. It addresses the problem of many innovation projects lacking strategic focus and dispersed resources, ensuring innovation activities align with company strategy. Unlike project reviews, SIR focuses on portfolio-level balance (e.g., short-term vs. long-term, risk vs. reward) and process health. Typical outputs include innovation portfolio analysis, project prioritization, resource allocation recommendations, and process improvement plans.
Example in practice
A technology company had hundreds of innovative ideas annually, but with limited resources, many projects were abandoned halfway. The company held strategic innovation review meetings quarterly, using unified criteria to evaluate each project's strategic fit, market potential, and technical feasibility, eliminating low-value projects and concentrating resources on key directions. The review also examined conversion rates at each stage of the innovation funnel, identifying process bottlenecks and making improvements. After several reviews, the success rate of innovation projects significantly improved, and resource utilization became more efficient.