The Three Horizons of Innovation model, known as the “gold standard” strategy framework by McKinsey brings growth and innovation together. It also helps organizations to manage the varying visions and guide their teams to know about the goals that are planned over time including what can they expect in terms of results or profits. The model is a great fit for portfolio management as the framework visualizes the company’s future and provides a common language to convey the innovation culture in a simple way. On the other hand, the Stage-Gate® model leads to faster and better innovation with its subset “Scrum” framed inside a structured innovation process benefitting the internal and external stakeholders. It helps to approach the new product development (NPD) with an accelerated model that is adaptive and flexible for managing products. The purpose of this review is to provide a constructive framework for the companies to respond based on market expectations. Furthermore, the paper critically presents several theoretical and practical implications linking the underlying business strategy. The details of this multi-characteristic approach are outlined in this article.