Business is moving at a dizzying pace and being able to innovate effectively and quickly is a high priority for all companies. But what are the key innovation management issues that are facing all of the businesses at the moment? There are four key issues regarding innovation which include: specialization of innovation system, business model innovation, co-creation through social and mobile, and building an innovative culture. Understanding these issues will help to increase your organization’s ability to innovate and stay competitive in the growing global economy.

Specialization of Innovation System

An innovation system is not standard for all companies. Any business that implements a system has to take the time to create its own unique process. The key components remain the same and include: idea creation, idea capture mechanism, idea development, viability testing, and then investing in the winners while killing the losers. But how your organization actually implements all of these components is highly specialized based on resources that can be dedicated to the process.