Managing Innovation

Managing innovation is imperative for companies today. And while companies might have great, new ideas, it can be frightening to follow through with the ideas. Forbes’ Greg Sattell provides some tips to mange these innovations successfully.

First, it is important to ask the two questions: How well is the problem defined, and, who is best placed to solve it? These two questions clarify the problem quickly and will allow you and your company to find the best solution.

Sattell designed the Innovation Management Matrix. It encompasses four types of innovation: Basic Research, Breakthrough Innovation, Sustaining Innovation, and Disruptive Innovation. Sattell has found that companies tend to fit into one of the four categories. However, no company should limit themselves to one method; it is important to develop your company in all innovative practices.

You can take a look into Sattell’s Matrix and Innovation Management here: http://www.forbes.com/sites/gregsatell/2013/03/07/how-to-manage-innovation-2/

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