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Domain Name: Innovation Management Tutorials
Domain URL: InnovationManagementTutorials.com
Registrar: GoDaddy
Creation Date: 09.01.2009

The term innovation refers to a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A distinction is typically made between invention, an idea made manifest, and innovation, ideas applied successfully. (Mckeown 2008) In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy. In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.

Innovation is an important topic in the study of economics, business, design, technology, sociology, and engineering. Colloquially, the word “innovation” is often synonymous with the output of the process. However, economists tend to focus on the process itself, from the origination of an idea to its transformation into something useful, to its implementation; and on the system within which the process of innovation unfolds. Since innovation is also considered a major driver of the economy, especially when it leads to increasing productivity, the factors that lead to innovation are also considered to be critical to policy makers. In particular, followers of innovation economics stress using public policy to spur innovation and growth.

You can buy this domain at GoDaddy
Domain Name: InnovationManagementTutorial.com
Domain URL: InnovationManagementTutorial.com
Registrar: GoDaddy
Creation Date: 09.01.2009

Innovation management is the discipline of managing processes in research and development (R&D) and innovation. It can be used to develop both product and organizational innovation. Without proper processes, it is not possible for R&D to be efficient; innovation management includes a set of tools that allow managers and engineers to cooperate with a common understanding of goals and processes. The focus of innovation management is to allow the organization to response to external or internal opportunity, and use its creative efforts to introduce new ideas, processes or products.

Innovation processes can either be pushed or pulled through development. A pushed process is based on existing or newly invented technology, that the organization has access to, and tries to find profitable applications to use this technology. A pulled process tries to find areas where customers needs are not met, and then focus development efforts to find solutions to those needs. To succeed with either method, an understanding of both the market and the technical problems are needed. By creating multi-functional development teams, containing both engineers and marketers, both dimensions can be solved. The lifetime (or product lifecycle) of new products is steadily getting shorter; increased competition therefore forces companies reduce the time to market. Innovation managers must therefore decrease development time, without sacrificing quality or meeting the needs of the market.