Innovation Management

Innovation management is a complex process and requires additional skills when compared with traditional management processes. To understand the complexity of innovation management, the process of innovation is studied in detail. In the present chapter, an innovation management framework is discussed to give a clear view of the management process. All the influential factors are discussed, and the ways to manage them effectively are highlighted. Uncertainties in the innovation process and its implications on managerial decisions are discussed in brief in this chapter. Further, we have provided an insight on the degree of complexity involved in an innovation process. The importance of people management in innovation is also dealt with elaborately in the current chapter. The process of a virtuous innovation cycle and its managerial impact on the process of evolution of innovative organization with high reputation are discussed in detail. From the chapter, it is clearly understood that R&D management needs to be optimistic and continuously motivate the team members to improve their creativity and generate new ideas. These potential ideas are converted into innovative products, which are commercialized. To conclude, it requires a combination of managers, leaders, and entrepreneurs to manage innovation. Learning Objectives: To provide a brief understanding of the terms innovation and innovation management and an overview on the various concepts and models of innovation management; to provide an outline on various aspects of innovation management such as innovation uncertainty and its impact on innovation management, breeding innovation in an organization, innovation management, and people and measuring innovation.