The word "innovation" is frequently used to refer to the invention of anything new, but it can also refer to the modification of an existing practise. Innovation in business refers to any type of change that distinguishes a business or organisation from competitors. The practise of controlling the risks associated with bringing changes to a company's operating model is known as management.
The goal of Innovation Management is to create and put into practise plans for controlling the risk associated with new ideas. Risk is characterised as the potential for harm or loss. Risks come in various forms, including monetary, legal, social, environmental, and political ones. When we discuss innovation management, we are discussing potential risks associated with the launch of a new good or service. These dangers could include everything from financial loss to strained client relations.
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