Most investments are based on business cases that show a positive return on investment (ROI). However, with innovative ideas or products, there is not yet enough information to make informed estimates. Rather, organizations and their CIOs will need to judge the business benefits accrued from such activities with longer time horizons and with metrics more typical of the venture capital community than traditional direct business value measures. This report helps CIOs build a portfolio of innovation investments in line with their organization’s needs; it replaces an earlier report that we’ve rewritten based on new research.