Definition of Innovation Life Cycle

✅  Related keywords: innovation process, idea generation, experimentation, implementation, idea management

📖  What is an Innovation Life Cycle?

Innovations go through three primary stages: fluid, transitional, and specific. In the fluid stage, the innovators are trying to define the opportunity and obtain patents. In the transitional stage, they are developing the business model of the innovation. In the specific stage, the innovators are fine-tuning the production process, to minimize costs and decrease development cycle time.