The Product Market Innovation Matrix assists in the understanding of the different projects or initiatives across an organization´s innovation portfolio.
Step by step:
- List all the projects, initiatives, or ideas into cards
- Rate each card independently and place it in the matrix
- X axis: Same as present, Adjacent to present, New to the company
- Y axis: Same as current offerings, Adjacent to current offerings, New to the company
- Group discussion about the cards (adjust the cards positions if needed)
- Conversation about the result
A typical Product Market Innovation Matrix result is an image with too many cards on it. And with many of these on the the bottom left quadrant of the matrix (Product Offering same as current offering / Intended Market same as present). The activity helps user standing the big picture (and appetite for innovation) for an organisation innovation portfolio.
The Product Market Innovation Matrix activity is inspired in the Risk Matrix tool from the following Harvard Business Review article: Is It Real? Can We Win? Is It Worth Doing?: Managing Risk and Reward in an Innovation Portfolio.
This post is part of a series of posts on inception related activities.