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What is Innovation Management ?

Managing innovation effectively is one of the biggest challenges for technology corporations in order to stay competitive. Many companies struggle to keep pace with new disruptive technologies that threaten the existing cash cow products. Technological evolution, politically and socially driven changes allow new players to enter the market while others lose. The task is to, at all times, competently deploy and direct innovation resources to address a constantly changing market and economic environment.

There is rarely a lack of ideas for innovations in technology companies. The process of innovation management outlines the activities, decisions and practices to move an idea to realization for the main goal to grow the overall business. Investing in innovations always brings up the “make versus buy” question. Other challenges are to overcome the “not invented here syndrome” and the “choosing of the right new technology trend” to invest the usually limited R&D resources. Disruptive new technologies also may require changes in organizational structure and team. All highly demanding challenges. The later a needed new- technology investment is done, the more expensive it is. Too late can ruin even large companies. Goal is the early and correct decision for an investment in a new technology. To achieve this, new ways need to be considered.