What are the key stages of innovation process?

The key stages of the innovation process typically involve ideation, research and development, testing and validation, commercialization, and implementation. During the ideation phase, new and creative ideas are generated and evaluated for their potential to solve a specific problem or meet a need in the market. The ideas are then further developed through research, prototyping, and testing to ensure their feasibility and efficacy. Once a viable concept is identified, it is then prepared for commercialization, which involves bringing the innovation to market, creating a business model around it, and securing investment or funding. Finally, the innovation is implemented and monitored for its success and impact, with ongoing feedback and improvements made as needed. These key stages are crucial for driving successful innovation and bringing new ideas to fruition.

This mind map was published on 31 July 2024 and has been viewed 66 times.