Approaches around the Strategic Management of the Innovation

Abstract

In the global context, innovation is becoming an issue of paramount importance. This working paper seeks to summarize the main aspects around this subject matter. Starting with a generic definition of innovation the term is further associated in a more systemic analysis with different levels of innovation and thereto defining novelty and application as main features of innovation. The success of any innovation is validated by the market and its social impact as perceived by the final customer. It is insisted that innovation is process and as such is a value added chain, comprising five steps, as a way to identify the sources of innovation. Additionally innovation is coupled to technological development. One of the key issues is linked to the strategic management of innovation, in which the enterprise is the main driving force as to identify the input elements for its managing. Innovation about innovation is also part of the agenda. And nowadays the Open Innovation is emerging as a new paradigm for the organizations. In this new concept innovation is not only internal but also external through networking of institutions and relational capital. As an annex an article is included to shed light about this new concept.