Innovation Management: A success factor for competitiveness

Innovation is about more than technology and in order to get the expected returns from investment in innovation it is essential that: 1. Product/service and process innovation efforts are combined with business model innovation efforts to optimize the benefits from the result of the technical innovation effort. 2. The lower the technology component of the business the relatively higher the importance of the business model innovation component of the business. 3. There are compelling reasons to innovate and the economics of successful innovation is unambiguous. 4. Innovation, like all other business processes, must be managed. 5. The management of research is different from the management of innovation. 6. Creativity is sometimes a necessary but not sufficient requirement for successful innovation and less important then many other requirements. 7. The key to success is the innovation management system, and the most important part of the innovation management system is a clear and concise innovation strategy underpinned by a supportive innovation culture in the organisation. 8. The structure of best practices systems is well-known and requires relatively little effort to customize and implement. There is no excuse to have low innovative performance.