ABSTRACT
Managing innovation is a bit different than creating an environment that promotes innovation. This refers to the service- or product-specific initiative, whether it is a new software product or a streamlined manufacturing process. There are two main phases to the successful management of innovation. The first phase seeks to stress-test the proposal with a variety of operational, financial, and risk-related benchmarks. The second phase, design, is the process by which the ideas and concepts get distilled into an actual product design, a website map or a prototype. Many mistakes, which serve to increase risk, are made by delegating the process to lower-level functional experts, when in fact some of the decisions go a long way toward determining the product's ultimate acceptance in the marketplace! Creativity stems from a contented workplace. Employees who feel fulfilled tend to give their all to the task at hand. In addition, reduced stress and those feelings of contentment actually promote reduced risk.
