What are the key elements of Innovation Management?

Innovation management involves designing and introducing new concepts for business development. Collaboration, ideation, implementation, and value creation are four key elements of innovation management. Collaboration involves group activity, ideation involves generating unique and fresh ideas, implementation requires intelligent individuals, and value creation proposes innovation and new ideas to add value to products. To foster innovation at a workplace, it is important to involve everyone in discussion time, run idea campaigns, promote transparency, and recognize employees through rewards and recognition, which promote a positive environment. Innovation is changing the world towards success, and institutions like MIT ID Innovation can mentor individuals to understand the dynamic business environment.