Innovation is of considerable importance to individuals, organizations, and nations as a source of business value generation that can be leveraged economically. Innovation has been central to economic indicators of growth and prosperity. Furthermore, innovation has grown in importance during recessionary periods as well. This is because economists and business analysts view innovation as the most sensible route to economic recovery and stability.

Innovation, like other critical business functions that involve an investment of resources, requires effective management. Companies with a well-managed innovation system are likely to derive maximum and sustained value from their innovations, while the brightest innovation can languish without adequate resources or management attention and may fail to deliver its promised value to the company or shareholders.

As the adage goes, to manage anything, ...