Innovations are very chaotic in nature. Innovators call for experimentation, but they cannot predict the end results and struggle to define deadlines. These qualities of innovations make them hard to implement in a business environment, where clearly defined goals, strict deadlines, and finite budgets are the norm. Innovation management provides a set of techniques that bring order into a chaotic realm of innovations. The word management is associated with direct control, but this is not the case for innovations. Freedom is critical for every innovation. You won't get any positive results by trying to micromanage. Innovation management is about providing support and integrating innovations into existing businesses so that they deliver helpful results.
To understand the main ideas behind innovation management, we should understand the different...