Innovation management is a discipline that deals with the process of generating, developing, and implementing innovative ideas in an organization. The main objective is to provide the framework for understanding what innovation is, the innovation ecosystem, and its application at the level of small and medium-sized enterprises (SMEs) to support sustainable growth.
The innovation ecosystem refers to the environment in which innovation occurs and is influenced by various factors, such as technology, market, competition, regulations, and available resources. Small and medium-sized enterprises (SMEs) need an appropriate innovation management framework to address challenges and take advantage of opportunities for sustainable development.
To support sustainable growth, innovation management in SMEs should focus on the following issues:
- Generating ideas
- Evaluation and selection of ideas
- Development and implementation
- Marketing and dissemination of innovation
- Monitoring and feedback