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To realize organizational strategy better and faster, companies want the resources they have—people and funding—to go to those initiatives that are most likely to have the greatest strategic impact. Yet companies struggle to prioritize the initiatives in their portfolio, in large part because of what they don’t know about the initiatives. This briefing describes four principles MIT CISR believes all companies should follow to realize their strategy with innovation initiatives. We illustrate these principles using the experiences of BBVA, where executives created a single evidence-based investment process for the entire bank that evaluates and prioritizes more than two thousand initiatives every quarter. The process has enabled BBVA to significantly improve its capacity to learn from initiatives and to allocate talent to the most strategically promising ones.