Innovation and Risk: How, When and Where to Integrate Innovation and Risk Management?

Risk has always been intrinsic to innovation projects but increased competition, quickly changing customer expectations and technologies have increased complexity and uncertainty. Various studies have identified a low success rate in major innovation projects. More explicit risk management could help in achieving success in innovation projects. However, too much or inappropriate risk management might stifle the creativity that is core to innovation. This paper describes a framework which combines the generic innovation process with risk management. It was used to analyse the current attitudes to managing risk in a series of companies. The analysis suggested that different risk management tools are appropriate at different stages of the innovation process. In particular the companies had few formal mechanisms for learning from their previous innovation projects: a common challenge is the need to better exploit experience, increase knowledge and hence reduce risk

کلیدواژه ها:

Risk ، Innovation ، Project ، Management ، Integration