4 Innovation Management Trends in 2024

Every business strategy needs updating to keep up with market changes. As new technologies are rapidly changing industries, innovation is key to staying ahead. If you don’t keep up, you risk missing important growth opportunities. As 2024 begins, it’s crucial to understand the latest innovation management trends. We’ve identified the top 4 trends for this year to help your company stay ahead!

4 Emerging Innovation Management Trends in 2024

1. Digitalization

To survive in this competitive market, companies need to get a lot done in a short time. And this becomes difficult with manual innovation management methods. No matter how efficient you are, you only have so many hours. This is why corporates are realizing the importance of innovation management software and other SaaS tools supporting innovation. Our Discovery Platform, for example, saves you hours of effort by identifying emerging technologies in the industries of your interest in a few clicks!

2. Consumer-centric Innovation

New startups are emerging rapidly — you should value your consumers more than ever as they are provided with a lot of options. As an innovation manager, you can do this by adopting the consumer-centric innovation approach. Keep a tab on your consumers’ experience with your product or service — ask for feedback and suggestions and identify their pain points. The next step is to act on that feedback and continuously find ways to eliminate the pain points.

3. Decentralized Innovation

Companies have dedicated innovation teams for good reasons. But as the saying goes — two heads are better than one. In decentralized innovation, its multiple heads instead of just two. Decentralizing your company’s innovation means opening up the innovation processes to all the parties like employees from other departments, stakeholders, and consumers, and including them in every step of your plan. This enables diverse thoughts and enriches your company’s innovation. Additionally, decentralized innovation directly involves your consumers, leading to better consumer engagement and retention.

Here’s Pascal Finette (Co-founder of be radical, EY’s wavespace Advisory Board Chair) explaining decentralized innovation with interesting real-life examples:

4. Innovation & Startup Programs

Corporations across industries are arranging for internal innovation programs to leverage the brilliance of the creative minds working in their organizations even better. For instance, in Adobe’s innovation program — Kickbox, employees get red boxes containing credit cards pre-funded with USD 1 000 of seed money and other supporting items to experiment with their ideas and develop prototypes.

A sneak-peek into Adobe’s Kickbox:

Along with internal innovation programs, a lot of companies are taking it a step further by implementing data-driven startup programs. This allows corporations like yours to partner with innovative startups to solve the company’s technological challenges. StartUs Insights can help you with this as well. Our data-driven startup programs enable you to gain traction from hundreds of thousands of global startups, assuring you attract the most relevant of the lot.

Streamline Your Innovation Management

As 2024 unfolds, the need to streamline and enhance your innovation management strategies becomes increasingly crucial. With the rapid pace of technological advancement and market evolution, staying ahead requires a robust, adaptable approach. At StartUs Insights, we specialize in equipping businesses like yours with cutting-edge tools and insights for effective innovation management. Connect with us to streamline your innovation processes, adopt the latest trends, and drive your company toward a more innovative and successful future. Get in touch today to transform your approach to innovation management!