How do I manage an Innovation Pipeline?

We recommend representing and managing concepts in your pipeline using the Three Horizon model:-
Horizon 1: These are the new projects and concepts that are close to your core business, and that you are close to launching – e.g. in the next few weeks / months.
Horizon 2: These are the projects and concepts that are departures from your normal business that you are launching in the mid-term – e.g. in the next few months / quarters.
Horizon 3: These are the new projects and concepts that are large changes from your core business that require significant new capabilities and are long term innovations – e.g. in 1-3 years.
In your innovation pipeline, you will be bringing new Horizon 1, 2 and 3 ideas into the fold constantly, then testing them, discarding the unfeasible ones, and developing the promising ones as appropriate.

McKinsey created the Three Horizons model to explain how businesses must invest in current products (1st Horizon), incremental innovations (2nd Horizon), and breakthrough innovations (3rd Horizon).

Yes – we have one here and also a more fully featured Three Horizons Innovation Pipeline Template on our companion marketplace Spitmarket.

A good innovation programme invests in regular and open innovation activities (e.g. the FROST Innovation Framework). Sometimes this is managed using an R&D team, and other times all teams spend a percentage of their time on innovation. There are also mixtures of both models.
In all scenarios, there are a stream of new concepts being discussed and prototyped at any one time.