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The Innovation Funnel Framework consists of nine stages in an innovation process. These nine single elements that are part of three major steps form an end to end innovation process. The first major step contains the input factors of the innovation process. In this model they are described as strategic thinking and portfolio management and metrics.
Innovation management helps an organization grasp an opportunity and use it to create and introduce new ideas, processes, or products industriously. [2] Creativity is the basis of innovation management; the end goal is a change in services or business process. Innovative ideas are the result of two consecutive steps, imitation and invention. [8]
Innovation management — Tools and methods for strategic intelligence management — Guidance [12] ISO 56007:2023 Innovation management — Tools and methods for managing opportunities and ideas — Guidance [13] ISO 56008:2024 Innovation management — Tools and methods for innovation operation measurements — Guidance [14]
The opportunity management funnel is a visual representation of phase-gate decision making. Opportunity management is defined as "a process to identify business and community development opportunities that could be implemented to sustain or improve a local economy." [8] The components of opportunity management are: Identifying opportunities.
Scaling is regarded the last step after the discovery, proof of concept and piloting of an innovation. In business it is often used as maximizing operational scale of the product. [ 1 ] This technology, or project-focused scaling takes products and services as the point of departure and wants to see those to go scale.
Exploratory and value-added innovation require different leadership styles and behaviors to succeed. [14] Value-added innovation (PwC, 2010) involves refining and revising an existing product or service and typically requires minimal risk taking (compared to exploratory innovation, which often involves taking a large risk); in this case, it is most appropriate for a leader for innovation to ...
The linear models of innovation supported numerous criticisms concerning the linearity of the models. These models ignore the many feedbacks and loops that occur between the different "stages" of the process. Shortcomings and failures that occur at various stages may lead to a reconsideration of earlier steps and this may result in an innovation.
Applying systematic thinking tools in analyzing the product can lead to potential new products or to a definition of new needs. The advantages of this method are as follows: The process requires only a limited number of hours and is conducted in-house. Applying the method yields many new ideas and a definition of many potential new needs.