In making a business successful innovation plays an important role. Most of the business persons have recognized the value of innovation strategy for progress. According to a survey it has been found that organization success mostly depends on new idea generation. Along with this, it has found that 86 percent of leaders believe that companies innovation provide a good return on investment.
In this article we have discussed five stages of innovation process which are described below:
Idea Generation and Mobilization
With idea generation, one can find new ideas. Mobilization means shifting the ideas to a new physical or logical location like outside firm or in another department. You can create new ideas just by improving the existing idea.
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According to the policies of innovation management, it is important to emphasize innovation up to the right extent. Sometime overemphasizing can cause employees to leave the job and not emphasizing can decrease idea generation.
Advocacy and Screening
Advocacy and screening are mean to evaluate an idea and measure in order to find potential benefits and problems. This help in making future decisions. One of the biggest benefits of advocacy and screening is refinement.
With you have discussions and arguments you can enhance a particular idea. This stage of innovation process helps in idea generation for upper management.
Experimentation stage usually tests a particular ides with the pilot test. Experimentation is either continuous or exists in spurts. With experimentation, you can create new ideas with the help of information gathered and the feasibility of the original idea. Time plays an important role during this process. One should be given adequate time in order to run the experiments.
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The main aim of commercialization is to create market value for a particular idea by considering its potential impact. This is done in order to make the idea appealing to the people. An idea is wrapped up with another idea in this. It also tells how an idea can be used.
Diffusion and Implementation
Diffusion means acceptance of an innovative idea whereas implementation refers to the things required for innovation. In all levels of an organization, diffusion happens. The application of the innovation is mostly depicted at the end of the stage.