Approach to Innovation Management
1. Innovation Strategy
The company’s innovation strategy is defined. Among other things, this strategy includes the long-term goals and the approach and direction of the company’s innovation activities.
2. Generating and Evaluating Ideas
Ideas are generated and evaluated using brainstorming, customer feedback, market research and other methods.
3. Prototype Development and Testing
Once an idea has been selected and evaluated, a prototype is created and tested with the aim of refining the idea or recognising any problems at an early stage.
4. Innovation Portfolio Management
The innovation projects are managed and prioritised based on:
- potential benefit
- strategic orientation
5. Implementation and Market Launch
After a successful prototype test, the product or service is launched on the market.
6. Review and Learning
The success or failure of the innovation is measured and evaluated in order to utilise learnings for future innovations.