IVC-R36 IRM
Innovation Risk Management

May 22, 2015
Stuttgart, Germany

Lecturer: Flor Angela Quintero

The development of new products and technologies is a risky and uncertain process. The success of the new technology does not lie just in the invention part or in the generation of innovative ideas, but also in the successful management of the innovation process from an idea to products and services in the market. The management of innovation is a process - described in this course - which includes a disciplined, stage-by-stage approval process combined with regular measurement of every critical factor, ranging from the capability of the product to reach the target characteristics to success in the market. The TRL (Technology Readiness Level) assessment is done as practical example on several cases from industry.

In order to help business grow and improve its competitiveness, an integrated design process to achieve a successful innovation is needed. The design process has to be supported by efficient knowledge management techniques and tools. The main purpose of innovation is to create value, and the method to reach this goal is to develop ideas, refine them into a useful form and bring them to market, where they will survive, achieve profitable sales and remain competitive. As described in the literature, innovation process models changed over time from simple linear models to more complex integrated models, however most of them involves a similar set of steps and stages. These are the following:

1. Idea generation
2. Concept development
3. Concept evaluation and selection
4. Development and implementation
5. Management and control
6. Launch to market

At the end of the course the participants will have better understanding of

• Management process of innovation
• Concept of open innovation
• Understand the aspects of subcontracting in the innovation process
• Understand the aspects of involving the end-users in the innovation process