Managing Innovation: How does a company deal with innovation management on a limited budget?

If you are managing innovation for a company you may rightly conclude that innovation is a risky business that has to be approached carefully. It may involve lengthy research or trial and error. It may be a source of headaches for any company. But there is available today one way to manage innovation without risk and without requiring a big budget.

How? If you can find a technology that has the following criteria:

• It has already been tested and found to work. • It can be implemented with very few changes to the existing design of your products and services. • It adds significant value to your products and services with little added cost.

then risk is substantially reduced.