Unlocking breakthroughs in portfolio strategies for radical projects: a literature review

Abstract

Paper aims: The paper proposes to consolidate the fragmented discussions on radical innovation project portfolios, seeking to establish a conceptual landscape of radical innovation portfolio management and develop a theoretical-conceptual framework for understanding radical innovation portfolio management literature. Originality: This research contributes to the literature by categorizing aspects of radical innovation portfolio management, providing a structured view of the field and a conceptual guideline for both researchers and practitioners. Research methods: The study uses a systematic literature review with bibliometric and content analysis to examine the literature on radical innovation portfolio management. Main findings: The review identified seven dimensions of radical innovation portfolio management: integration of the ideation process with the innovation portfolio; valuation methods and legitimacy of innovation projects; budget allocation for portfolio balancing; strategic alignment and portfolio sustainability; innovation portfolio performance; influence of mental models on project selection; and partnership and alliance portfolio. These results categorize aspects of radical innovation portfolio management and highlight the current state of research. Implications for theory and practice: This work provides a research landscape on radical innovation portfolio management, identifying research gaps for future studies. For practitioners, it offers guidelines to improve decision-making, resource allocation, and innovation performance of radical innovation projects.