Innovation Management: Why should you care about it?
The Innovation Management definition varies, but the most reliable is written by Henry Chesbrough. Chesbrough, who is known for coining the term open innovation, argues that innovation management is not merely supply chain management, but rather a key element in making open innovation a success in the workplace. Innovation management is responsible for the organization and administration of programs that gather, refine, and deliver on promising new ideas for the purposes of innovation. It can happen in both product and services organizations or in any business or public sector area. Without its proper execution, open innovation cannot succeed.
The innovation management definition should be imagined as a flow chart. It begins with how the flow of ideas will be arranged. It then progresses into the process of capturing, refining, and selecting the best ideas for implementation. The best innovation management programs have a method for capturing and maintaining a database of ideas that will become the company’s innovation portfolio.
Is there only one Innovation Management definition?
An interesting component of the innovation management definition is that it continues to evolve. As in any discipline, innovation management is defined by its ability to provide a consistent strategy in order to achieve its goal. This very strategy is what outlines the innovation management definition for any team or individual that desires to implement open innovation. That being said, the definition itself continues to expand. Innovation management is a business model that will continue to be taught in academia and within organizations, which suggests that it too will be exposed to the wonders of innovation. Academia will learn over time to translate its findings to innovation management in the workplace, and vice versa.
How does management contribute to the Innovation Management definition?
When a management team makes the shift from closed to open innovation, they are tasked with guiding their company through the nuances of this change. This process includes providing support, motivation, and communication about the success and failures of their developments. Over time, management teams will contribute to an ongoing dialog about open innovation and provide evidence to support its merits. As innovation management is put the test, the definition of this discipline will expand.