Now we and our members are developing innovation portfolios!
Many of today's challenges are so complex that they must be solved through the joint efforts of several actors. One way to work towards shared and long-term solutions that extend beyond a project is to coordinate a portfolio of development projects with selected partners and together create a common thematic innovation strategy. (Here you can see Future by Lund portfolios.) Future by Lund is based on this logic and also has methods for following the development of an ecosystem (The Liept model). Now this is complemented by a tool for a systematic process on how to develop strong innovation portfolios. This process is also used in ekip project, which is a policy project funded by the EU through the Horizon programme, and led by Lund University together with Future by Lund.
- The starting point was that we at Future by Lund could see in the rear-view mirror how we have done when building a portfolio, says Charlotte Lorentz Hjorth, CEO of Future by Lund. This turned into a tool, which can be used to rig and systematize the route of developing a portfolio. During the preliminary process of developing the tool, we have worked with individuals and organizations from Rotterdam, St. Etienne, Bratislava and Helsinki, for example.
The eIP project brings together stakeholders from across Europe to co-create policies to support the development of innovation ecosystems for Cultural and Creative Sectors and Industries (KKSNs). The tool was originally designed for KKSN, but is now being adapted to make it more general. During the spring and early summer of 2024, companies, innovation actors and academia have participated in discussions with Future by Lund about several new portfolios where the tool is used for the work.
- This is not about the companies' internal development work, but it concerns opportunities and challenges that exist between organizations. Here, several partners can join forces to explore and transform an innovation space through open innovation,” continues Charlotte Lorentz Hjorth. They do not have to disclose what may become the company's future business, but they still participate enough to be able to develop together. Game rules for this are set when starting the portfolio. (This explains Future by Lund as a work in different zones, here you can read more.)
Work is currently underway to create new portfolios in areas such as mobility, digitalization, dual use and robust infrastructure.
- Developing a portfolio is often hard work, says Katarina Scott at Future by Lund. For example, we have been working on a textile portfolio for a long time. It has taken three years of idea work within the large textile network in Lund to understand and figure out which way to go.
The tool is designed so that participants are led through a process. Participants start by formulating their basic interest and opportunities, and in the final step the ambition of the portfolio is spelled out together with others.
- We have previously lacked a pre-process for developing portfolios, says Peter Kisch, Head of Operations at Future by Lund. Now we have a systematic process tool that allows us to start, develop and screw the portfolios faster.
Each portfolio includes several sub-projects.
- It is important to “chew” everything in the right size pieces and to see what partners and enablers are needed in order to deliver an interesting value. The portfolio can have several different financiers, both from the local ecosystem in Lund but also in the form of Vinnova and the EU,” concludes Peter Kisch.
Here are the components of the process tool:
1. What is it that you want to work with? What is the basic interest? (Baseline)
Here, complex issues are raised. This can be about technical solutions and what you want to scale — for example with the aim of increasing sustainability. This could be about how to roll things out faster and how to take a question further. The starting point is formulated.
2. What is the context?
Here you can decide that you want to build the base for an innovation portfolio in, for example, Lund, Malmö or Helsingborg, but at the same time work for a solution that works globally in an international context. This step also deals with various things that can affect, such as legislation, decisions, new technologies, green transition, new trends. An idea is formulated based on context and driving forces.
3. What is the Innovation Ecosystem?
An inventory of the innovation ecosystem and its actors and resources: what can support the development of the portfolio and what is missing? The local innovation ecosystem may consist of banks, research facilities, larger companies, etc. Here you can examine whether it is the right portfolio for the ecosystem and see what resources can be connected.
4th. Determine the scope and ambition.
Set etiquette and define challenge. What is the role of the companies in relation to others in the partnership? What should be done in the short and long term within the portfolio?
5. Determine portfolio and sub-projects
The portfolio is propelled forward through a palette of projects. Here the ambition is set and here it is coordinated who does what. Each can take the lead in different areas and then collaborate to achieve results.
The tool also includes some concluding steps with room for conclusions, thoughts and reflections.
Footnote: Future by Lund and Lund University's innovation researchers (Emily Wise et al) have been working on a portfolio approach for more than five years. Among other things, this has resulted in the LIEPT model, which is used to follow how an innovation portfolio develops in an ecosystem. (Link)