By definition, innovation means exploring and therefore taking all kinds of risk: technical, commercial and human.
Structured project management methodology will help you to mitigate the risks generated by product development and launch. If you deal with several projects at the same time, portfolio management will guide your decisions.
Traditional project management is not sufficient enough for your company to face the challenge and uncertainties of your innovative developments.
In this particular case of innovative developments, you will need a risk-oriented methodology which focuses on assumptions made and critical risks related to them. This methodology will regulate your resource allocation decisions according to the level of uncertainty at every stage of your project.