Key Issues to Improve Innovation Project Excellence

Nowadays innovation becomes a focal point for corporate success and survival. Thus, in order to be more concurrent and to realize innovation that meets required goals and performance expectations, companies have to achieve excellence in managing the innovation process. Delivering innovations with unique benefits and real value to customers separates winners from losers more often than any other single factor. Therefore, the excellence in innovation projects becomes a necessity, and it implies recognition of all critical success elements that can affect and, in some way, do the harm to the process. There are a lot of factors and issues that can influence innovation project success and excellence. In this paper, we chose some of the critical elements, such as innovation strategy, idea management, innovation portfolio, innovation model, and risk management.