“What is innovation management?”

​The definition of innovation, according to BIS (2012), is “innovation is the process by which new ideas are successfully exploited to create economic, social, and environmental value.”

So the new idea/innovation is not enough on its own. Rather it is part of a much larger process that contributes to the innovation being successfully adopted by users.

In fact, the innovation is the outcome of things such as:

• creating the new idea to solve a problem
• availability of materials/technologies/components
• Budget
• project managing the development of the new idea as working prototypes, its technology readiness, then as a final product/service/process/marketing/organisational innovation that is legally compliant
• Acute awareness of competitors.
• Acute awareness of who will find the most value from the product.
• setting the selection criteria of which ideas to develop in line with the organisation’s goals
• Deciding on whether to manage the development of the idea in an open, frugal, or social way
• Managing the process effectively based on whether the idea is a new product/service/process/marketing/organisational innovation
• Formulating strategies for marketing the idea
• Formulating strategies for diffusing the idea into the market at the right time (Rogers, 2003)
  
• Strategy for developing the new idea further, or creating another new idea, as the consumer matures alongside the product.
• These are a few areas requiring skilled management in the innovation process.
  Innovation on its own is a creative process of thinking outside the box to finds new ways of doing things.
  A visible example of innovation over time is the evolution of film as technologies advanced. Films started in the 1800’s. By 1900’s a film was wound around a big reel and played through a portable projector, later came video cassettes, 10 years ago we had DVD’s, today we stream films.
  

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