UTILIZING FORMAL INNOVATION MODELS TO SUPPORT AND GUIDE INDUSTRY INNOVATION PROJECTS

Abstract

The high failure rate of innovation projects indicates that many companies are not getting the full benefit from their innovation projects [1], [2]. A research project was carried out during 2005 that explored and compared the existing formal models for supporting innovation, in order to address the identified problem. It proposed guidelines for improving and refining innovation projects. A case study that focused on the front-end of product innovation in the wine industry and the applicability of the formal W-model [3] to innovation activities was used to evaluate how formal innovation models can indeed effectively support industry innovation projects. The innovation life cycle was used to categorize a number of innovation frameworks for product, process, and enterprise innovation. Further research should focus on extending the case study to other industries, such as the automotive sector.