There is an innovation management process that enhances problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialization.
Whilst there is no sure-fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercializing those ideas will not be wasted.
In order to foster the innovation culture in your company, you should hire the best innovation consultant from the reputed company such as Innovation 360 which helps your organisation to build innovation strategies and lead you in your business.
Often the mission statement of an innovation management systems includes a nebulous goal to innovate, but the real goal is to make a profit:
a) Most innovations do not lead to profit.
b) Yes, you must always be flexible enough to innovate, but that requires a whole new set of strategies, competencies, resources, processes and networks. Only successful innovations will make this profitable.
c) Most successful innovations are incremental, not radical: moderately new to the market based on tried and tested technology, saved money, met customer needs and supported existing behaviours.
Most innovation management process is simply the result of identifying and solving problems and most leaps are the result of cumulative periods of consecutive problem-solving.