Managing Innovation Projects

Innovation projects are temporary initiatives that are set up in order to achieve specific innovation goals. These goals may stem from strategic innovation initiatives such as changing a business model or escaping from the commodity trap. They may also be smaller projects with more specific goals such as new product development projects initiated by product managers.

Motivation

Innovation projects are an important tool for any company operating in a dynamic environment. However, they are also relatively uncommon, so companies seldom have staff with experience in their planning and execution.

Objectives

This seminar is aimed at beginning innovation managers and product managers. Its goal is to give them a quick overview of the milestones and tasks in the idea phase of an innovation project. The participants can design innovation projects for their own situation and they know the success factors on which such projects depend, as well as the political and psychological issues to be aware of.

Summary

The seminar covers the stages of the idea phase of a typical innovation project:

  1. Formulation of project goals
  2. Selection of dimensions and directions
  3. Idea generation
  4. Development and evaluation of ideas
  5. Selection of most valuable ideas
  6. Preparation of recommendations to management

Additional topics covered are

  • The politics and psychology of innovation
  • Common mistakes made by innovation managers