Innovation is the process of coming up with new products, processes or technology and it may involve a series of small or large steps. The innovation strategy is used to determine whether an innovation is good or not. It can help you come up with innovative solutions and it also guides you as to how you should proceed after you have already identified and developed an innovation strategy.
The next stage of innovation ideas development is known as the ideation. In this stage, the people involved in the innovation process to meet and discuss issues related to the business. It includes brainstorming sessions where everyone gets together and discusses different issues, problems and issues that need to be solved. This brainstorming session improves the group’s ability to think and come up with solutions. It is during this stage where ideas are jolted and shared among the members of the business.
When all the ideas have been split out and discussed, they are then reviewed and assessed according to their viability. The next stage of the innovation process is called the governance stage. In this stage, the governance committee decides if the idea is feasible or not. If it is not viable, then it will be passed to the management for them to decide on whether it should go on the innovation process or not. The management will take all the necessary factors into consideration before taking a decision.