Knowra Innovation management Innovation management Innovation management is the coordinated work of developing, evaluating, implementing, and capturing value from new ideas, products, services, and business models.
Innovation funnel : A staged process that narrows a broad set of ideas into a smaller set of developed and selected innovations. It shows how organizations filter ideas as evidence and investment accumulate.
Innovation : The implementation of a novel or significantly improved product, process, or method that creates value. It is the broader outcome that innovation management seeks to make repeatable.
Product development : The process of conceiving, designing, testing, and launching a new or improved product. It is a common setting where innovation processes coordinate technical and market decisions.
Invention : The creation of a new device, process, or idea, whether or not it is put into use. An invention can exist without the implementation and value capture that management addresses.
New product development : The activities through which a new product is designed, developed, tested, and brought to market. It is a principal organizational outcome of coordinated innovation practices.
Stage-Gate process : A product-development model that divides work into stages separated by decision gates. Its gates formalize decisions about whether projects receive further resources.
Research and development : Systematic creative work undertaken to increase knowledge and develop new applications. R&D often supplies technical discoveries and capabilities for innovation projects.
Service innovation : The creation or significant improvement of services, their delivery, or their supporting systems. Service changes require managing customer experience and delivery alongside the offer itself.
Continuous improvement : An ongoing effort to make incremental improvements to processes, products, or services. It emphasizes repeated small changes, unlike portfolios that may include radical innovation.
Organizational learning : The process by which organizations acquire, interpret, and retain knowledge that can alter their actions. Experiments and project reviews can turn innovation efforts into reusable organizational knowledge.
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