Innovation and R&D projects usually hold a high risk of partial or total failure. Thus, considering that research and innovation are crucial to a country’s economic development, governments worldwide tend to institute incentives and subsidy programs (i.e., financial aid and tax incentives) to facilitate these endeavours by enterprises. However, given the vast array of incentives available in different countries, the technical knowledge required to file for each specific subsidy is sparse. Whenever determining the priority of each project within an organisation’s portfolio, along with this knowledge, managers must have a deep understanding of innovation and R&D projects and portfolio management, as well as the company’s strategic guidelines. Hence, this paper focuses on the current issues and the state of the literature regarding methods for prioritisation of projects that encompass all three knowledge domains, considering the following research question: how can the prioritisation of innovation and R&D projects supported by tax and financial incentives be systematised considering companies’ strategic organisational guidelines? This initial literature review focuses on the projects, incentives, and strategy domains, examining them by themselves and their integration. Finally, this research contributes to the research community with an overview of trends for incentives and subsidies, innovation and R&D projects and the company’s strategy. Moreover, it contributes to the industry by proposing a framework to integrate all domains when prioritising projects, especially for those who adopt a product-service system business model.