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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 — 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]
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, however, is by definition novelty. Comparisons are thus often meaningless across products or service. [78] Nevertheless, Edison et al. [79] in their review of literature on innovation management found 232 innovation metrics. They categorized these measures along five dimensions; i.e. inputs to the innovation process, output from the ...
Few dedicated management models for R&D exist. Among the more popularized ones are Arthur D. Little's Third generation R&D management, [5] the Development funnel, [6] the Phase–gate model All these models are concerned with improving R&D performance and result productivity, managing R&D as a process, and providing the R&D function with an environment in which the inherent technological and ...
innovation strategy: Provides products or services with latest innovations [5] Alliance strategy: Creates cooperative relationships that benefit both suppliers and other companies, even with competitors [5] Growth strategy: Helps companies develop and diversify their market [5] Quality strategy: Helps improve the quality of product and services [5]
Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
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.