Innovation Management Process
What is the Innovation Management process?
The innovation management process involves the entire company in the identification and development of new ideas. These ideas can be born out of existing products or generated out of the unmet needs of your customers. The innovation management process involves a myriad of tools that promote creativity and innovation within a collaborative workplace. Innovation management is not new to the discussion of business and economics. The innovation management process was first brought to light by the Austrian economist Joseph Schumpeter, who recognized the potential for economic growth in a company that utilized its tools.
How does the innovation management process work?
Innovation management in the workplace involves brainstorming, idea management, and project management, to name a few. Its success relies on identifying the tools that work best for each member of your unique organization. But at its highest level it breaks down to the want-find-get-manage innovation management process.
However, we know that finding the right innovation management methodology for your organization is more complicated. Gail Martino and John Bartolone note in A Guide to Open innovation and Crowdsourcing that “In a typical competition, participants prepare a business plan for an idea that they feel passionately about, which is evaluated by a steering committee. The steering committee evaluates the proposals using a set of predetermined evaluation criteria and identifies and rewards winners.”
At IdeaScale, we’ve introduced stages that map exactly to this process – allowing companies to build steering committee teams around great ideas who then evaluate the ideas in the refine stage against set criteria. Finally, in the review stage, the best ideas are selected for implementation and are handed off to the relevant business unit for development.
To learn more about the IdeaScale innovation management process, download the innovation starter kit here.