Innovation and market

Today’s increased market competition requires that companies have the capabilities to manage the process of innovation, from original idea to final product. Innovation management is not just a means in itself, but is about developing and organising endogenous capabilities within companies and translating them into competitive advantages and profits. The challenge for business is to continuously innovate and in this respect it is important to cultivate the right environment where innovation can be repeated. However, some argue that innovation cannot be managed and that the market should decide what type of innovation is needed.