Innovation Management

Innovation management is the process of capturing and managing organizational innovation.

Innovation management describes the decisions, activities, and practices that move an idea to realization for the purpose of generating business value. It is managing the investment in creating new opportunities for generating customer value that are needed to sustain and grow the business or company.

Generally, innovation investment focuses on the development of new products, services, or technologies. However, the types of innovation that can enhance business results go well beyond these, including changes to a company's business model. Identifying and making these investments successfully and repeatedly constitutes the key objective of innovation management.

Today many companies have organization-wide innovation management programmes. This is due to increased recognition that innovation is essential for driving business growth and maintaining competitive advantage. Successful programmes capture the creativity of employees at every level of the organization so ideas for new products, business models or process improvements, can be quickly discovered and implemented for maximum value.

Effective innovation management requires three things: a defined process model, a focus on innovation, and the right tools to manage it. It’s important however, to make sure that you’re optimizing the process, not controlling it. A strict, hierarchical chain of command can stifle innovation. Instead, employees need to feel individually empowered to drive change and recognized for their innovation.

This course discusses the basics every manager needs to organize successful technology-driven innovation in both entrepreneurial and established firms. The course starts by examining innovation-based strategies as a source of competitive advantage and then examine how to build organizations that excel at identifying, building and commercializing technological innovations. Major topics include how the innovation process works; creating an organizational environment that rewards innovation and entrepreneurship; designing appropriate innovation processes; organizing to take advantage of internal and external sources of innovation; and structuring entrepreneurial and established organizations for effective innovation. The course examines how entrepreneurs can shape their firms so that they continuously build and commercialize valuable innovations. Many of the examples also focus on how established firms can become more entrepreneurial in their approach to innovation.

Career Opportunities for Graduates

Graduates enjoy excellent career prospects in a wide range of positions such as innovation manager supporting development teams in a technology environment, new business developer in a service environment, or innovation consultant. They work in large multinational companies but also small and medium-sized enterprises. Other graduates start their own business.

Specific topics covered:

  • R&D/Innovation Management within Universities, Research Institutes and Corporations
  • Innovation Management: Sales and Marketing
  • Government Relations within Industry
  • Public Policy
  • Industry Analyst
  • Governance for Technology Policy Development
  • Public/Industry Administration with a Focus on Science or Technology Divisions
  • Consulting
  • Hospital or Health Care Administration
  • Pharmaceutical or Biotech Careers