Managing innovation and turning innovative ideas into products

I came across an excellent article by Roger Smith (his blog : ctonet.blogspot.com) on “Technology Impacts on Business: Disruption, Globalization, and Innovation Management”

This is an old article but I found this has excellent information on technology impacts. In one part of this article, Roger has attempted to identify a process for managing innovation and turning innovative ideas into products. The following are the activities of such process

Market Learning
Instill a mindset of constant market learning. Use large, small, formal, and informal sampling to extract information.

Find a Place in the Value Chain.
Map technical innovation to business success. Every innovation must demonstrate that is has value to the company.

Effectively Build Business Models.
Understand the value chain and how the company plays in that chain. Modify the business model to incorporate innovative products.

Fight for Funding.
Every innovation team should include an expert in resource acquisition.

Build Partnerships.
Modern products and services often require more resources than exist within a single organization.

Transition to a Business Unit.
Establish a transition team and write a transition plan.

Managing Individuals.
Balance the composition of the innovation team.Include people with skills beyond intelligence.

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