The key to organisational success and competitive advantage is innovation. Understanding the phases of innovation may provide important insights into how new ideas are developed and put into practise. The main phases of invention are examined in this abstract, starting with idea creation and investigation, then concept development, and finally feasibility evaluation. The process of turning ideas into practical solutions, known as prototyping and testing, follows. It also discusses continual monitoring and improvement of creative projects, as well as the phases of implementation and commercialization. Organisations may develop a methodical approach to innovation, improve teamwork, and successfully handle the challenges of bringing new ideas to fruition by recognising and navigating these phases. Organisations may foster an innovative culture, promote continuous development, and adjust to the changing demands of their stakeholders and markets by embracing the phases of innovation.
[Dr. Muralidhar Sunil (2022) A Study on Applying Stages of Innovation] (ISSN 2347 - 5552). www.ijircst.org
Dr. Muralidhar Sunil
Assistant Professor, Masters In Business Administration (General Management), Presidency University, Bangalore, India,
Email Id-sunilrashinkar@presidencyuniversity.in
