What is the innovation process?

The essence of the innovation process consists in purposeful actions related to the initiation and development of a new product or service, sales on the market and its further spread.

The innovation process represents a consistent set of actions from the idea of innovation to the design, creation, implementation and dissemination of this innovation. These stages from design to implementation will be considered below. In other words, the innovation process is an activity of an economic entity, that is, a process that consists in the development and implementation of the result of scientific research into a new or improved product or service marketed or a technological process used in production activities.

The innovation process includes seven components, connected in a single consecutive chain, which form its structure. They include:

- initiation of an innovative idea ;

- marketing research;

- development and release of innovation;

- realization of the innovation;

- innovative promotion;

- evaluation of economic efficiency ;

- Spread.

The innovation process begins with initiation - an activity that consists in determining its goals and objectives, comprehending the corresponding idea and in documenting it. The last is the transformation of it into a document of property right (author's certificate, license) and into a technological document.

Initiation of innovation is the beginning of the innovation process. After the idea of a new product has been documented, innovation marketing is conducted, during which the demand for a new product or service is explored, the quantity or volume of output, commodity characteristics and consumer properties that a product entering the market should determine. After this, there is a sale of innovation and a small party appears on the market, which is promoted, evaluated and distributed.

Promoting innovation is a system of activities that is aimed at its implementation. After that, an economic calculation of its effectiveness is carried out. The innovation process ends with the diffusion of innovation.

Diffusion (in translation from Latin - spreading, spreading) means spreading mastered innovation in new areas, in new markets and in a new economic and financial situation.

Management of innovation processes As the subject of research has passed in its evolution 4 main stages.

The first of them implemented a factorial approach, which considered the evaluation criteria for each component component of the relevant management. At this time, for the most part, extensive methods of development were used, manifested in a quantitative increase in the scientific and technological potential.

The second stage was characterized by the development of the concepts of innovative management functions, which focused on the study of management types and the process of adopting SD (managerial decisions).

At the third stage, a systematic approach was adopted that allowed to consider the subject of innovation activity (enterprise, organization, etc.) as a system of internally interrelated components, oriented towards the achievement of specific goals and the principle of feedback.

The fourth stage is correlated with the growing popularity of the situational approach to understanding the goals, meaning and content of innovative management, allowing to analyze the factors of external and internal environment, to systematize and combine in an optimal way various models of the behavior of the innovative manager or effective management decisions.