Managing Innovations In Engineering Industries

Innovations are regarded as the lifeline of engineering industries. Hence, management of innovations is complex but an important area of study which is not amenable to standard analyses due to its multidisciplinary nature and dependence on a large number of intangible variables. It has been shown that proper management of innovations would involve at least three distinct but closely linked activities, namely: (a) managing the innovators, as well as inspiring others to become innovators; (b) managing the environment so that it is conducive to innovations; and (c) managing innovative processes in order to ensure that innovations are properly nurtured, well targeted and economically implemented.