Shreyas Bakshi

  The Synergy of Innovation and Innovative Management Innovation management and innovative management are pivotal to businesses aiming to navigate the complexities of the contemporary market and sustain a competitive edge. This article delves into the essence of both concepts, underscoring their significance, methodologies, and impact on organisational success, while highlighting a nuanced difference in their approach to creativity and innovation mindset.   Understanding Innovation Management Innovation management refers to the systematic process that organisations employ to manage their innovation procedures, from the inception of ideas to their final implementation. It involves the decisions, activities, and practices for identifying, developing, and realising new products, processes, or ideas. Central to innovation management is the assumption that creativity and an innovation mindset are innate traits; it focuses on harnessing these natural talents to generate value.

  In the world of relentless pursuit of success, a mantra often recited is "Failure is not an option" . This is invariably true in ‘business-as-usual’ context where the processes are established, and failures are unpardonable. But, in the context of ‘business-un-usual’ – in other words, innovation, another mantra is more relevant i.e. “Failures are the stepping stones to success” . There are enough examples to illustrate this. The most common one being “I have not failed. I've just found 10,000 ways that won't work” by Thomas Edison. Often, failures teach us a lot more than success and need to be made a part of the learning process in the context of evolving an innovative solution. However, failures, even in the context of innovation, can be daunting to deal with unless these are supported by well-designed practices and principles e.g. Aligning the understanding of ‘failure’ All the relevant stakeholders need to have a common understanding of ‘failu