With the growing popularity of innovation initiatives, ever more companies are launching their own actions. However, many are going forward in a piecemeal fashion, running a brainstorming event here, trying out an ideas campaign there and promoting innovation in vague ways in marketing communications. Such an approach works, somewhat, but it is not ideal.
The best approach is to have a comprehensive innovation process management (IPM) structure that treats innovation as a series of cycles that run within a grand, enterprise innovation process cycle.
The Innovation Process Cycle