Innovation Management

Cite this article as:"Innovation Management," in The Business Professor, updated April 23, 2020, last accessed August 6, 2020, https://thebusinessprofessor.com/lesson/innovation-management/.

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What is Innovation Management?

Innovation management concerns all activities and processes related to innovation within the organization. Innovation is the process of bringing into existence something novel and unique. It generally involves developing and/or introducing goods, services, ideas, processes, information, media, etc., into practice.

Innovation is closely linked to creativity, which concerns coming up with ideas or generating concepts from unique or novel creations. Innovation is the next step of bringing them to fruition.

Innovation is also closely related to business strategy. Innovating with the organization can be either an organizational or competitive strategy.

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