The R&D Portfolio Simulation
You've just been promoted to Head of R&D at a fast-growing Indian tech company. Your mission: build an innovation portfolio that will shape the company's future. But with limited budget and competing priorities, every decision matters.
Take charge of an R&D portfolio with ongoing projects and fresh opportunities. Shape the future with the hand you're dealt.
Design your evaluation process. Choose your criteria. Assemble a committee. Review proposals and decide which projects deserve funding—and which don't.
Projects succeed, fail, or surprise you. Navigate corporate events, manage your team, and adapt your strategy.
Created by Ammon Salter, Warwick Business School, University of Warwick
Developed with assistance from Claude (Anthropic), GPT-5 (OpenAI) & Gemini (Google)
Licensed under CC BY-NC-SA 4.0
Head of R&D, effective immediately
From Bangalore startup to India's #3 security company
Read it before you start — it sets up the company, the market and the decision you’re about to make.
You've heard the rumours—they're true. Vikram is out, and I want you to take over R&D.
The last three years haven't worked. We funded 15 projects and only 4 made it. Pet projects got protected, bad news got buried, and we kept failing projects alive for years instead of cutting losses.
I'm giving you $40M and full authority to redesign how we select projects.
Your R&D portfolio needs to address these priorities:
We're #3 in India but competitors are catching up. Protect our position in Mumbai, Delhi, Bangalore and other major cities.
The next wave of growth is in smaller cities—Jaipur, Lucknow, Coimbatore. We need affordable products that work there.
Hardware sales are lumpy. The board wants subscription services—monitoring, cloud storage, premium features.
We acquired CloudWatch for their AI talent. Now we need products that use it—before Google and Amazon eat our lunch.
Named after Shakuntala Devi (1929–2013)
Shakuntala Devi (1929–2013) was an Indian mathematician, writer, and campaigner for social and educational reform. Self-taught from a young age, she became renowned for her extraordinary mathematical abilities and toured the world inspiring audiences. She wrote several books including Figuring: The Joy of Numbers, making mathematics accessible to millions, and was a vocal advocate for education access, women's rights, and LGBTQ+ equality in India.
Make all decisions yourself. The traditional simulation experience.
Devi scores and comments on proposals — but only when you ask. You get 3 assists for the whole game, so spend them where they matter.
Devi advises throughout — committee, criteria, portfolio and ongoing management — but only when you ask. You get 5 assists for the whole game.
Learning objective: Devi has systematic biases—she overweights quantifiable metrics, shows false precision, and may miss breakthrough innovations. At game end, you'll see how accurate her advice really was. Use this to explore when AI augments vs. misleads human judgment.
Your first major choice: how will project funding decisions be made?
Fast decisions with clear accountability. You review all proposals and make the calls.
Assemble a team of colleagues to evaluate and vote on proposals together.
Random selection of employees from across the company vote on each proposal.
Projects meeting basic criteria are randomly selected. No human bias.
Choose colleagues to join your selection committee. Each brings different perspectives, expertise, and biases. Add as many as you think you need.
What factors will you prioritise when evaluating projects? We recommend 4-6 criteria for balanced evaluation, but you can select as many as you need.
How important is each criterion relative to the others? Distribute 100 points across your selected criteria to reflect their relative importance in your evaluation.
Before selecting new projects, you must decide what to do with the initiatives you've inherited.
Make two decisions that will shape how you evaluate project proposals
Choose how much time and detail you'll invest in evaluating each proposal
Decide whether to see who is leading and working on each project
Studies show that evaluator attention and information presentation significantly affect project selection. Time pressure leads to reliance on heuristics, while knowing team identities can introduce both valuable context and unconscious biases (Criscuolo et al., 2021; Boudreau et al., 2016).
Devi — Named after Shakuntala Devi (1929–2013)
You can change this setting on the start screen.
You've identified a promising project that doesn't quite fit in the current budget. You could make a personal case to Meera for additional funding — she's known to back R&D leaders who show conviction in their portfolio choices.
"I can find an extra $5M if you're confident in the portfolio. But I'll be watching the results closely — I'm backing you, not just the projects."
Are you confident enough in your project selection to ask for more?
A team member has been working on something in their spare time...
Rate each project on your selected criteria. Cards will reorder by score as you evaluate.
Score all projects to proceed to committee feedback.
Review committee feedback and make initial funding decisions. Categorise each project, then fine-tune the marginal cases in the portfolio view.
Before finalizing your portfolio, chair the R&D Budget Committee meeting. Your facilitation skills determine your final budget allocation.
Q4 Complete — Time to refresh your portfolio for Year 2
After a year of development, new opportunities have emerged from market shifts and technological advances. Some projects have freed up resources, and your team has identified promising new initiatives. Consider how new projects might complement or rebalance your portfolio for Year 2.
Review your updated portfolio balance before proceeding. Make sure your strategic buckets align with your Year 2 goals.
Review your updated portfolio balance after adding new projects. Use the matrix views to assess strategic alignment before continuing to Year 2.
New project opportunities have emerged. How will you evaluate them?
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You can continue with your established process or try a different method
How will you score Year 2 projects?
Year 2 evaluation lets you compare new opportunities against your ongoing investments. Consider: Are the new projects stronger or weaker than what you're already funding? Should you reallocate resources?
Year 2 does not repeat Year 1 criteria scoring. Mark each project as a priority, maybe, or pass.
Compare the new opportunities against your ongoing portfolio
How do your new opportunities stack up against existing investments?
Consider how new projects fill gaps in your current portfolio's strategic coverage:
Categorize the Year 2 opportunities based on your evaluation
Review your updated portfolio balance after adding new projects. Use the matrix views to assess strategic alignment before continuing.
Your ongoing projects (blue) continue from Year 1. Click on new project bubbles (green outline) to add them to your portfolio.
Play a quick mini‑game to earn a Year 2 funding bonus.
Before you allocate Year 2 projects, run a fast "resource convoy" to earn extra budget.
💡 Need a bit more? You could request emergency funding from the board...
Your funded projects (green) are locked in. Click on marginal project bubbles (purple outline) to add or remove them from your portfolio. Stopped projects are greyed out.
Projects are ranked by committee score. With limited budget, you'll need to make choices. Some projects are safer bets with predictable returns; others are more ambitious with higher uncertainty but greater potential. Consider both strategic priority coverage and your overall risk profile as you select.
Event description goes here...
Role · Team
Build, Bin, Boost — The R&D Portfolio Simulation
Build, Bin, Boost is a free, open-source business simulation for teaching innovation management and R&D portfolio decision-making. Players take on the role of Head of R&D at an Indian technology company, making realistic decisions about project selection, resource allocation, and portfolio management over a two-year period.
The simulation is designed for use in business schools, corporate training programmes, and self-directed learning. It takes approximately 20–40 minutes to complete and can be played individually or in teams.
Like a teaching case, Build, Bin, Boost was prepared for class discussion and learning — not to illustrate effective or ineffective handling of a real situation. ShieldTech India is a fictional company, and all characters, names, projects, products, events, data and other materials are invented for the simulation. Any resemblance to real companies, organisations, products or people — living or dead — is unintentional and purely coincidental. Nothing here is real financial, strategic or investment advice.
And as in a case, outcomes are deliberately uncertain: a good decision can still fail, and a weak one can get lucky. The aim is to judge the quality of your decisions and the process you design — not only the results you happen to get.
Most business simulations are expensive, proprietary, and locked behind commercial licenses. We believe high-quality educational tools should be accessible to everyone—students at under-resourced institutions, independent learners, and educators who want to experiment with their teaching.
This simulation was developed as part of ongoing research into innovation management education at Warwick Business School, University of Warwick. It's released under a Creative Commons license that allows free use, adaptation, and sharing for non-commercial purposes.
We don't want to know who you are. We have no interest in your identity, background, or personal information. There is no advertising, no marketing follow-up, and no data sharing with third parties.
What we do want to understand: How people use the simulation so we can make it better. Basic analytics help us answer questions like: Which features are confusing? Where do players get stuck? How long do different phases take? Is the difficulty balanced correctly? Are our educational objectives being met?
Why this matters: As academic developers of free educational software, usage data is how we demonstrate impact, justify continued development time, and identify what needs fixing or improving. Without some understanding of adoption and engagement, we're developing in the dark.
Your choice: Analytics are entirely optional. The game works identically whether you accept or decline. You can change your preference at any time.
Ammon Salter's research focuses on the management of innovation and technology, with particular interests in corporate R&D, open innovation, university-industry partnerships, and science commercialisation.
With thanks to the students of the Corporate Entrepreneurship module on the Masters in Management programme at Warwick Business School, who playtested an earlier version of this simulation and offered many valuable suggestions for improvement.
CC BY-NC-SA 4.0
This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
You are free to:
Under the following terms:
Permitted — educational use. You may freely use, adapt and share Build, Bin, Boost in any setting whose primary purpose is teaching and learning, including:
The principle: if the setting is primarily educational and not run as a paid commercial service, it's permitted. Educators are warmly encouraged to adapt it and share their versions.
Needs a separate licence — commercial use. Please contact the author for any paid commercial context, including:
The principle: if participants or their sponsors are paying specifically for the experience and the simulation is a material part of what they receive, a commercial licence is needed. Most educational uses are fine — if you're unsure, just ask.
Salter, A. (2025). Build, Bin, Boost: The R&D Portfolio Simulation. Warwick Business School, University of Warwick.
© 2025 Ammon Salter. All rights reserved under the terms of CC BY-NC-SA 4.0.
A guide to Build, Bin, Boost
You've been appointed Head of R&D at ShieldTech India, a home security company. Your predecessor was fired after years of poor results. The board wants you to transform how the company selects and manages innovation projects—and deliver on four strategic priorities.
The board has set four priorities for the next 3-5 years. Your portfolio should align with these goals:
Retain #1 position in top 8 cities
Profitable entry into 50 emerging cities
Shift to services and subscriptions
Lead the transition to intelligent security
Assemble a selection committee from ShieldTech's leadership. Each person brings different expertise and biases. Choose evaluation criteria to guide decisions.
Your predecessor left behind ongoing projects of varying types. Review each and decide: continue, pause, or kill? Past spending is sunk—but consider each project's nature when deciding how to proceed.
Chair a budget committee meeting (mini-game). Your facilitation skills determine whether you get $34-44M for new projects.
Evaluate 10-12 proposals with your committee. Projects vary in risk profile—some are safer bets, others are more ambitious. Consider your mix across strategic priorities and risk levels.
Run the portfolio for 8 quarters (2 years). Each quarter you'll review progress, respond to dilemmas, and decide whether to continue, accelerate, reduce, or kill each project. Active management matters.
New opportunities appear as you go. Any quarter you have unspent budget—which rises when you kill a project—you can fast-track a fresh project into the pipeline from the cockpit. At the end of Year 1 there's also a mid-term review with extra funding to add to your portfolio for Year 2.
A completed project's outcome lands the quarter after it finishes—a success brings revenue and market share; a winner you killed can come back to haunt you. At the end, the board weighs your hit rate, ROI and market share (projects still in flight count their expected value) alongside how you built and managed the portfolio. Were your decisions well-timed? Too cautious—or too reckless?
Named after Shakuntala Devi (1929–2013)
Shakuntala Devi (1929–2013) was an Indian mathematician, writer, and campaigner for social and educational reform. Self-taught, she became renowned for her extraordinary mathematical abilities and was a vocal advocate for education access, women's rights, and LGBTQ+ equality in India.
Before starting, you can choose how much AI assistance you want. Devi analyses R&D projects based on thousands of historical patterns.
Devi scores projects during selection. You make all other decisions independently.
Devi advises on everything: committee, criteria, portfolio design, and ongoing management decisions.
⚠️ Warning: Devi has systematic biases. She overweights quantifiable metrics, shows false precision, struggles with unconventional innovations, and may be fooled by projects that look good on paper. At game end, you'll see how accurate Devi really was.
Learning objective: Experience the limitations of AI-assisted decision-making—when to use AI as an input vs. when human judgment matters more.
The board evaluates you across multiple dimensions:
The board delivers their verdict—ranging from promotion to CTO down to being asked to leave. Different paths can lead to success: there's more than one way to impress the board.
Through play, you'll practise the core skills of R&D portfolio management:
Underlying these are concepts such as stage-gate review, kill discipline, the sunk-cost fallacy and escalation of commitment, Type I/II selection errors, exploration vs. exploitation, and counterfactual analysis — the challenge of judging innovation under genuine uncertainty.
Review progress and decide how to manage each project
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Created by Ammon Salter, Warwick Business School, University of Warwick
Academic research on R&D portfolio management, project selection, and innovation decision-making.
Brasil, V.C. and Eggers, J.P., 2019. Product and innovation portfolio management. In Oxford Research Encyclopedia of Business and Management. DOI: 10.1093/acrefore/9780190224851.013.28
Brasil, V.C., Salerno, M.S., Eggers, J.P. and Gomes, L.A.V., 2021. Boosting radical innovation using ambidextrous portfolio management. Research-Technology Management, 64(5), pp.39-49. DOI: 10.1080/08956308.2021.1947605
Boudreau, K.J., Guinan, E.C., Lakhani, K.R. and Riedl, C., 2016. Looking across and looking beyond the knowledge frontier: Intellectual distance, novelty, and resource allocation in science. Management Science, 62(10), pp.2765-2783. DOI: 10.1287/mnsc.2015.2285
Cooper, R.G. and Sommer, A.F., 2023. Dynamic portfolio management for new product development. Research-Technology Management, 66(3), pp.19-31. DOI: 10.1080/08956308.2023.2178092
Criscuolo, P., Dahlander, L., Grohsjean, T. and Salter, A., 2017. Evaluating novelty: The role of panels in the selection of R&D projects. Academy of Management Journal, 60(2), pp.433-460. DOI: 10.5465/amj.2014.0861
Criscuolo, P., Dahlander, L., Grohsjean, T. and Salter, A., 2017. The biases that keep good R&D projects from getting funded. Harvard Business Review, March 17, digital article. Read article
Criscuolo, P., Dahlander, L., Grohsjean, T. and Salter, A., 2021. The sequence effect on the selection of R&D projects. Organization Science, 32(4), pp.1046-1067. DOI: 10.1287/orsc.2020.1427
Dahlander, L., Beretta, M., Thomas, A., Kazemi, S., Fenger, M.H. and Frederiksen, L., 2023. Weeding out or picking winners in open innovation? Factors driving multi-stage crowd selection on LEGO ideas. Research Policy, 52(10), p.104875. DOI: 10.1016/j.respol.2023.104875
Dahlander, L., Thomas, A., Wallin, M.W. and Ångström, R.C., 2023. Blinded by the person? Experimental evidence from idea evaluation. Strategic Management Journal, 44(10), pp.2443-2459. DOI: 10.1002/smj.3501
Kumar, A. and Operti, E., 2023. Missed chances and unfulfilled hopes: Why do firms make errors in evaluating technological opportunities? Strategic Management Journal, 44(13), pp.3067-3097. DOI: 10.1002/smj.3527
Masucci, M., Parker, S.C., Brusoni, S. and Camerani, R., 2021. How are corporate ventures evaluated and selected? Technovation, 99, 102126. DOI: 10.1016/j.technovation.2020.102126
Mount, M.P., Baer, M. and Lupoli, M.J., 2021. Quantum leaps or baby steps? Expertise distance, construal level, and the propensity to invest in novel technological ideas. Strategic Management Journal, 42(8), pp.1490-1515. DOI: 10.1002/smj.3269
Sharapov, D. and Dahlander, L., 2025. Selection regimes and selection errors. Organization Science. DOI: 10.1287/orsc.2023.17482
Si, H., Kavadias, S. and Loch, C., 2022. Managing innovation portfolios: From project selection to portfolio design. Production and Operations Management, 31(12), pp.4572-4588. DOI: 10.1111/poms.13849
Wilden, R., Lin, N., Hohberger, J. and Randhawa, K., 2023. Selecting innovation projects: Do middle and senior managers differ when it comes to radical innovation? Journal of Management Studies, 60(7), pp.1720-1751. DOI: 10.1111/joms.12874