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Managing Innovation Essay

Managing innovation can be approached in different manners by different individuals as they approach how the process will be handled. There are six factors that impact and control the innovation process and as stated before it depends on the individual in charge of the process. We have come together as a team and discussed the priorities of each factor and where it stands as the innovation process cycles.

The number one priority is to implement a set of realistic goals. The goals must be attainable and mission focused if the goals don’t comply with company policy and do not represent what the company stands then these set of plans should not be implemented. Second on the list would be a supportive atmosphere for “debugging” and exploring variations there needs to be support to back up what the innovation needs. Third on the list are separate funds for innovation, each individual innovation needs its separate fund there for one project does not run out of funds and gets left half way done while the other finishes but can’t be complete without the other.

Forth on the list would be extensive boundary spanning activities to learn from others and to gain an understanding of what others are doing. This needs to be done so that the innovating ideas that are being invented are compatible with the competitor. Fifth on the list is clear direction on studies to be done and follow-up’s that are expected. A clear direction of what is being done must be obtained alongside follow-up, this helps stay focused on what the company is striving for and not straying away from the initial goals. Last, Periodic reviews of informal proposals by a group outside line management. This needs to be done so that outside management can correct any miscommunicated implementation and therefore overlooking the plan.

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