What is innovation management? Innovation has never before been as present as it is today, everyone talks about innovation, everywhere you read about innovation. But what exactly is innovation and what does innovation management mean? Innovation ’is derived from the Latin word’ innovare ’and stands for renewal. From an economic point of view, innovation is something new that brings benefits for an organization andor society. Terms that are often associated with innovation are idea and invention. An invention or invention is to be distinguished in that it has not yet been exploited and used as a creative achievement of a new problem solution in comparison to innovation. It is exactly the same with the idea that a creative thought is something new. In all cases ’new’ is always relative. It can be new for this situation, the company or the world.