‘But innovation is done by people, and people work within a structure’ 2 . Management innovation also includes ‘collaborative Innovation, and ‘strategic innovation’. Collaborative innovation requires finding new synergies for harnessing the creativity and capabilities of other organizations. Strategic Innovation initiative generates a portfolio of breakthrough business growth opportunities using a disciplined yet creative process. Successful innovation in an organization occurs when technological, product, or process innovations in the value chain are implemented through effective management innovation. Innovation as a driver for growth, profitability and success of an organization will include people, leadership, creativity, process and organizational culture. Innovation in an organization should not be approached in a piecemeal manner but in a systematic enterprise wide capability and should be initiated even at the lowest levels. Types of innovation are depicted as under:
Technological Innovation
Product Innovation
Process Innovation
Management Innovation
2
Peter F.Drucker, Innovation and Entrepreneurship,1985 3