Scholars continue to debate whether planning, in fact, contributes to creativity and innovation. In this chapter, we argue that planning is critical to innovation and will contribute to the generation of viable new ideas. Effective planning, however, must be based on an incremental approach involving a viable portfolio of projects. The implications of this model for the management of innovation at the organizational, group, and individual levels are discussed. Potential new directions for research are considered, along with the model's implications for the management of creative ventures.