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Elements of Innovation

The elements in the innovation process, as shown in are discussed below:

(i)    Analytical Planning. It involves:
(a)    Identification of enterprise or business activity
(b)    Marketing strategy
(c)    Financial need assessment.

(ii)    Organizing Resources. It involves:
(a)    Obtaining materials
(b)    Obtaining technology
(c)    Human resources obtaining
(d)    Capital razing.

(iii)    Implementation. It involves organizing of systems to give practical shape to the innovative idea. Implementation must lead to delivery of the desired results.
(iv)    Commercial Applications. The last stage involves:
(a)    Providing value to customers
(b)    Reward employees
(c)    Satisfaction of other stakeholders including investors, suppliers, society, etc.

Elements in the Innovation Process

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