Innovation is the capability of identifying opportunities and using their advantages. These opportunities are not just opening new markets but include the innovative processes and ways for existing markets. Actually, innovation is not just production of goods, and examp
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Innovation is the capability of identifying opportunities and using their advantages. These opportunities are not just opening new markets but include the innovative processes and ways for existing markets. Actually, innovation is not just production of goods, and examples of innovation can be seen in the service sector and public and private sectors. Innovation intrinsically is a risky project and even developed firms cannot accept infinite risks. In fact, the question is not that if innovation should be done or not, but rather how this innovation can be successful and which feedback could be gained from its success and failure and reaching a pattern that can be applied in future activities. Always the main question has been "whether or not we can control and manage what is known as innovation". At first glance, it might seem that managing innovation is impossible and a complex process. But we believe that despite the uncertain and apparently random-nature of the innovation, it is possible to find an underlying pattern of success. Innovation is a "management" issue because there are decisions to be made about resources, disposition, composition and coordination among them. In this paper after expressing concepts of innovation and managing innovation, a conceptual model and its usage structure is presented in order to concentrate on key aspects of managing innovation. Next, creation and maintenance of an innovative organizational context will be discussed and finally a comparative analysis of managing innovation between Japanese and Korean firms will be reflected.
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