Innovation management is the discipline of managing processes in innovation. It can be used to develop both product and organizational innovation. The focus of innovation management is to allow the organization to respond to an external or internal opportunity, and use its creative efforts to introduce new ideas, processes or products.
Managing the internal and external creative forces to produce true innovations that are validated and ready for insertion into the formal process for product development is the elusive key to success corporations are striving to perfect.
Love, Roper and Vahter in Learning from openness: The dynamics of breadth in external innovation linkages stated, “Openness to external knowledge partners involves a process of interaction and information processing in identifying and selecting appropriate partners, developing routines to interact with them, and constructing management systems to manage the relationships. Such activities are likely to be subject to a learning process, as firms discover through time which knowledge sources and linkages are most useful to their particular needs, which partnerships are most effective in delivering innovation performance, and how best to manage them. In evolutionary terms, this could be seen as the development of improved innovation routines.”
Innovation and Technology Management is information and analysis based, with key stakeholders forming on a project basis to work through in an iterative fashion idea validation and enablement that is different from the formal development process designed to execute on a defined plan. Innovation Management is evolving to support and encourage an efficient creative process where promising Intellectual Property is both created and applied to bring innovative new products to market.