Master Innovation Management (MIM) is a process used to identify and tackle innovation opportunities, to create value for an organization.
According to the MIM definition, an innovation opportunity is "an identified opportunity to increase shareholder value by creating or enhancing a product, process, service, or business model." You can also search online for more Technology Management courses.
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How is MIM different from other innovation processes?
The primary difference between MIM and other innovation processes is that MIM focuses on creating value for an organization. Other processes may focus on generating new ideas or technologies, but if those ideas or technologies fail to create value for an organization, they are of little use. MIM helps organizations identify and address these opportunities to create long-term value.
MIM also differs from other innovation processes in that it is designed specifically for businesses. Many other processes, such as Idea Generation and Prototyping, are designed for individual entrepreneurs or teams working on new technologies. While Prototyping can be used in conjunction with MIM, it is not intended to be the main focus of the process.
Master innovation management (MIM) is a strategic approach to developing and managing innovations that can improve organizational performance. MIM helps organizations achieve their vision, mission, and goals by systematically integrating innovation into the organization’s core business activities.