This paper outlines how information technology (IT) can help to drive business innovation and growth. Today innovation is a key to properly managing business growth from all angles. IT governance is responsible for managing and aligning IT with the business objectives; managing strategic demand through the projects portfolio or managing operational demand through the services portfolio. IT portfolios offer the possibility of finding new opportunities to make changes and improve through innovation, enabling savings in capital expenditure and the company's IT operations staff time. In the last century, IT was considered as a new source of infinite possibilities and business success through innovation. © Springer Science+Business Media B.V. 2010.