Innovation management is the systematic process of fostering, managing, and implementing new ideas and technologies to drive business growth and maintain a competitive edge. Effective innovation management includes identifying market trends, customer needs, and technological advancements to inspire and guide the development of new products, services, or processes. It also requires establishing a structured approach to evaluating, prioritizing, and funding potential innovations, balancing the risks and rewards of various initiatives. Integrating innovation into the strategic planning process helps align it with the company’s long-term goals and resource allocation. Additionally, leveraging external partnerships, such as collaborations with startups, research institutions, or other companies, can enhance the innovation pipeline.