Paul Sloane in his latest article ‘What is your Innovation Selection Strategy‘ tells you the criterion you should look at before choosing what is the next innovation that you are going to invest in.
As he says in the end, do not be perturbed by the ticks that you put against each criterion.
To me Innovation is a function of time as well. Your Innovation needs today would be different than yesterday and today, as the organization is a living entity and the environment it exists in is dynamic. In fact lot of times Innovation needs can emanate from these changing environments, to respond to or leverage the new environment.
It is a nice list of criterion to prioritize your innovation list, and also critical thinking that you need to do before you put your time and energy into innovation initiatives.