Make your cuts carefully

05/15/2009 | Harvard Business Review online

If a company has to cut its innovation budget, it should use the opportunity to strengthen projects with the most profit potential and scuttle initiatives that aren't bearing fruit, Scott Anthony writes. Look beyond short-term projections, he suggests, and focus on "upside potential, residual risk, and the cost of testing the most critical assumptions." Anthony recommends following GE's model of reviewing the potential of its nonperforming units and axing the projects that don't have a shot at a turnaround.

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