Innovation mapping and business choises: a model for innovation management & marketing

Abstract

The study examines the concept and types of innovation management and the evolution of relevant academic thought and frameworks. Academic approaches tend by definition to focus on specific aspects, techniques, frameworks and concepts related to innovation management. The study attempts to provide a mapping of innovation types and propose business choices for various types of innovation. Different types and stages for innovation process are presented, such as sustaining and disruptive, incremental, autonomous and systemic, radical and architectural innovation, and different stages in the innovation process such as idea evaluation, business models, business canvas, start ups, alliances and marketing evolved through the last decades. The present study attempts a synthesis and a critical review of these concepts in an effort to provide a holistic approach to innovation management and marketing. More specifically the study examines different types of innovation and the related business practices, throughout the different phases of idea development, new product development, new product launching, entrepreneurship and start ups. The study examines the reasons behind the evolution of academic through and the importance of several key factors for innovation, such as pioneer advantage, entrepreneurship, strategic alliances, evolutionary and disruptive innovation, business models and scalability, in order to provide a new model for understanding innovation marketing and commercialization. The proposed model can highlight different aspects of innovation marketing, as a holistic academic and business framework. The issues examined will provide academics, entrepreneurs and venture capitals a holistic framework for identifying critical success factors and improve decision making in a changing and challenging business environment. The framework highlights the importance of identifying the innovation type and offers managers and entrepreneurs a best practices framework for business success, and to academics an integrated framework to evaluate business strategy, options and risks related to different innovation types.