Innovation management

Innovation management involves the ways in which a company encourages, channels and exploits the innovative power of is employees.

As the world changes in an ever faster pace, invention is pivotal to maintain a sustainable and competitive business. Companies needs to reinvent not only products, offerings and services, but also business models and sales channels. As pointed out by Lean Start-Up an others, invention is not something a company does once in a while, but must be a core part of its operations on all levels. That is, innovative thinking, entrepreneurial incentives and processes of change, need to be parts of the corporate culture. This applies not only to new start-ups but applies equally well to established businesses.

There are several methods or tools in order for a company to stay inventive:

Incentives programs
Regular innovation sessions with employees
Dedicated office spaces and office walls for innovation presentations and brainstorming
Innovation boards and phase-gate-models
Programs to allow employees to refine promising business ideas during working hours
Promote risk-taking among employees by sharing risk and revenue potential
Shorten product development and release cycles to promote a release-and-learn culture in the company
Creating lab- and beta-environments in which early phase products can be tried out on real customers (early adopters)
Promoting inventive employees internally in the company