Innovation can be defined as the creation and selection of an idea, developing it and making it fit for commercialization. To enhance and encourage innovation, there are various distinct processes that are used by organizations and businesses. All of these processes come under, what we call; innovation management process. To accomplish the same purpose, there are so many corporate innovation programs that take place in many organizations. The ultimate goal of both of these strategies is the same; to foster innovative ideas that can be used for commercial projects.
As far as any innovation management process is concerned; there are no immediate end results. You can say that this is the perfect way to invest your present time for a better future. You can not tell whether particular corporate innovation programs will result in a commercial success. All you can say is; these corporate innovation programs will increase the likelihood of a success, and that too in the distant future. Considering the uncertainty of these corporate innovation programs, many organizations stay away from them.
So what is the best approach that an innovation management process uses to foster new ideas and implement them in the new projects? The best approach that organizations use in their corporate innovation programs is that they give all the team members a complete freedom to become creative. It does not matter if 99% of ideas generated this way are completely useless, but you can not force the team member just to come up with best and feasible ideas. That will just destroy the beauty of the whole innovation management process as it ceases to be creative anymore.
When you talk about the complete freedom to each member of innovation management process team, then it also means that the each and every team member should have a direct and complete access to the decision making management. When they know that the decision makers are listening to their ideas, they would be quicker to generate new ideas. It's wise to talk directly to the decision makers about a feasible idea rather than sending an email as this communication gap can kill the whole idea. Another important thing that these corporate innovation programs should also consider is the rewarding system. The best ideas should be rewarded regularly. This will help in fostering a competitive spirit among the team members of innovation management process.
As already mentioned, you can not expect immediate results from any innovation management process. It's been found that in a lot of corporate innovation programs the best ideas always generate at the end of the process. It takes time for the innovation management process members to get into their creative mentality by listening to each other views and presenting the appropriate solutions.
Although, in the beginning, the team member may have to face some hardships; however, all these hardships and limitations right at the first stage help in making the ideas even more solid and foolproof. These corporate innovation programs are critical for an organization to exploit new ideas successfully and turn them into a commercial success.