ABSTRACT
This chapter presents different methods and tools that support innovation across entrepreneurial lifecycle. In addition, a number of theories of innovation are described. The chapter shows how management can foster an effective culture of innovation that incorporates effective methods and tools. The first method is Design Thinking. This is an approach extensively used and promoted by many, including by IDEO, one of the most celebrated design companies in the world. Open innovation is a term coined by Henry Chesbrough. As he describes it in his book, “open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external path to market, as the firms look to advance their technology”. Lean Startup methodology is based on the lean manufacturing philosophy of operations management which advocates the elimination of waste in manufacturing and service processes.
