Decisions surrounding innovations are often made on a project-to-project basis, and therefore lose sight of the overview of projects, i.e. the portfolio, and fall short on their strategic orientation. The research explores how innovation portfolio management can benefit innovation decision-makers in private and public organisations. More specifically, the thesis emphasises on how innovation portfolio management can be improved for both its own practice and the innovation management process in general. Innovation portfolio management is a process that enables innovating organisations to better allocate their resources, strategically align their innovation projects, and reach a healthier portfolio balance. The research approach for the exploration and exploitation of the process, is the design of an innovation portfolio management model, and an innovation support framework to help position the model in current practices.