There have been many approaches towards investing in innovation projects. There has been very little discussion about the need to align such investments with the mission, vision, goals, leadership style, value discipline and risk appetite of an organization. This paper reviews existing approaches to innovation related investments and suggests the setting up of a proper innovation portfolio management process along with three dashboards that will help make innovation related investment decisions in an informed manner. The resulting innovation portfolio will be optimal in its alignment with an organizations mission and vision. We expect this method to be used by all types of organizations whether they are for profit or not for profit.