Define innovation management and discuss its key aspects.
Understand the Problem
The question asks for a definition of innovation management and a discussion of its key aspects. This involves explaining what innovation management is and identifying and elaborating on its important components or features.
Answer
Innovation management is the process of creating and implementing new ideas to improve a business.
Innovation management is the systematic process of generating, developing, and implementing new ideas within an organization, from the initial concept to successful execution, to improve or develop the business.
Answer for screen readers
Innovation management is the systematic process of generating, developing, and implementing new ideas within an organization, from the initial concept to successful execution, to improve or develop the business.
More Information
Innovation management encompasses various aspects, including strategy development, idea generation, project selection, and implementation, all aimed at fostering a culture of innovation and driving organizational growth.
Tips
A common mistake is viewing innovation management as solely about generating new ideas, while neglecting the crucial aspects of implementation and integration within the existing business structure.
Sources
- Innovation Management – The Ultimate Guide - Viima - viima.com
- What is Innovation Management? Definition, Process and Best ... - ideascale.com
- Innovation management - Wikipedia - en.wikipedia.org
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