Innovation Management – does the idea fit with the firm?
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.
There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.
One of the useful methods of valuing ideas is to analyse whether the firm, team or individual responsible for turning an …