Innovation Management ? Innovation or Profit?

Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.

There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.

There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.

Innovation or Profit?

Often the mission statement includes a nebulous goal to innovate, but the real goal is to make a profit:

a) Most innovations do not lead to profit.

b) Yes, you must always be flexible enough to innovate, but that requires a whole new set of strategies, competencies, resources, processes and networks. Only successful innovations will make this profitable.

c) Most successful innovations are incremental, not radical: moderately new to market, based on tried and tested technology, saved money, met customer needs and supported existing behaviours (Franklin, 2003). Most innovations are simply the result of identifying and solving problems and most leaps are the result of cumulative periods of consecutive problem solving.

d) Most successful innovations take time to bear fruit ? at least a few years, too long for impact in the annual accounts.

These and other topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com/

You can also receive a regular, free newsletter by entering your email address at this site.

Kal Bishop, MBA

**********************************

You are free to reproduce this article as long as no changes are made and the author's name and site URL are retained.

Kal Bishop is a management consultant based in London, UK. He has consulted in the visual media and software industries and for clients such as Toshiba and Transport for London. He has led Improv, creativity and innovation workshops, exhibited artwork in San Francisco, Los Angeles and London and written a number of screenplays. He is a passionate traveller. He can be reached on http://www.managing-creativity.com/

---

Comparing Ancient Programs from the East to Modern Programs like Stephen Covey.

Comparing Corporate and Personal goal attainment programs that have developed... Read More

Change Management: Avoid Havoc In Very Uncertain Times

Escalating gas prices...tensions and turmoil in the Middle East...a struggling... Read More

Management Team Section of Business Plans

Writing an award winning business plan is a great skill,... Read More

Communicate To The Four Main Personality Types

You probably know this already, but there are generally held... Read More

What is Data Visualization?

Data Visualization is InteractiveHave you ever booked your flight plans... Read More

Climb out of the Box - How to Hold Effective Meetings

Out of the box thinking is a popular fad today.... Read More

Knowledge Management: More Than Just Know-how!

People sometimes interchange the terms "know-how" and "knowledge", but there's... Read More

What Every HR Manager Should Know About Hiring Productive Employees

The characteristics of job applicants have a strong influence on... Read More

Outsourcing Quiz: Cheap Vs. Good

Someone can say, 'Why do you oppose this?' So I'd... Read More

Learn to Assert Yourself

Pinpoint your own blocks to assertiveness: fear of disapproval, need... Read More

Five Steps to Better Employee Management

Hiring employees is a huge responsibility. Before hiring anyone, be... Read More

Summertime Blues

It's hard to believe the year will be half over... Read More

Satisfied Employees, A Powerful Marketing Strategy

Even in today's still uncertain economic times, there are companies... Read More

Creativity Management - The Value of Being Prolific

When asked his secret to success, the author Graham Green... Read More

Internal Communication: 12 Essential Elements

There are 12 essential elements of a successful internal communications... Read More

Structure Your Payment Offers to Sell More Products

The way you structure your payment offers can increase your... Read More

Popular Business Misconceptions Cost You Money!

Faulty information costs you money! Which of these popular business... Read More

Successful Managing Through Delegation

Managers should avoid the tendency to constantly delegate to the... Read More

What Every Manager Should Know About How to Reduce the High Cost of Employee Absenteeism

Employers pay a high price for absenteeism, often more than... Read More

Hire People For What They Do Best

I recently flew from Seattle to Atlanta, I realized, just... Read More

Internal Control - The Why and How

Many retailers do not have good internal controls in place... Read More

Commercial Collections Billing Practices Advice

Swiftness is the key to collecting past due commercial accounts... Read More

Year 2010: Permanent Employees No Longer Required

Jack Welch joined a conference that was held in Duke... Read More

Employers - Protect Yourself from Custody Battles that Hold Your Company Hostage

Child custody? How'd that get to be an employer's concern?When... Read More

Effective Multi Cultural International Business Meetings

Of the many areas in international business where cultural differences... Read More

Reflections in the Glass Ceiling

The recent news about one of America's most powerful woman... Read More

Quick Tip - Effective Meetings Earn a Profit

Most people treat meetings as a free resource that can... Read More

Creative and Innovative Culture, Change Management ? Three Easy Tests

Creativity can be defined as problem identification and idea generation... Read More

Innovation, Idea Selection, Valuation

There is no sure fire route to commercial success, but... Read More

Dialogue: the Four Dialogic Principles For Successful Communication

"But you don't understand!" exclaimed the manager, "this new initiative... Read More

Executive Performance -- Whos to Blame for Incompetent Managers?

A recent article in the Wall Street Journal raised the... Read More

Birds of a Feather May Be Turkeys

Birds of a Feather May Be TurkeysBy Gene Griessman, PhD... Read More

What to do When You receive a Bad Check

As a small business operator, personal checks may be one... Read More