What is innovation management?

As we’re forced to come up with increasingly creative solutions to the world’s problems, it begs the question: How do we spark innovation?

You might think innovation is a skill that some people are simply born with, and that it can’t be taught. But, that’s not necessarily true. By gaining a greater understanding of the problems that need solving in the world, we can learn how to generate and manage innovative new ideas.

That’s the raison d’etre of the MSc in Management of Innovation at Rotterdam School of Management, Erasmus University (RSM). Ranya Bellouki, a recent graduate of the program, describes the concept of innovation management to us in some more detail.

“Innovation management is all about evaluating the innovative potential of a new product,” she says. “From idea generation, to optimizing the organization, to formulating a strategy, to product implementation. This overarching view on the innovation funnel really teaches students how to work in innovation teams.” (00:25)

Being able to come up with innovative solutions is a valuable skill in itself. But being able to successfully transform innovative ideas into a finished product or service is something any organization would crave. That’s why Ranya believes the possibilities after this master’s are endless.

“I believe that everybody should be able to work in any industry they want, and with innovation management, you really can apply your skills to any field you try your hand at,” she states. (00:48)

The Master’s in Management of Innovation at RSM

Innovation is a hot topic right now, and the range of master’s programs on the topic is growing rapidly. So, what made Ranya choose the Master’s in Innovation Management at RSM? She pinpoints the school’s focus on new technologies as being key to her decision.

“I chose this program at RSM because it teaches us how to face today’s challenges in this dynamic world full of new technologies and new methods being discovered every single day,” she explains. “It’s important for students and young people to stay up-to-date with these changes.” (00:06)

However, the program’s practical elements might be of greater value. RSM gives its students the opportunity to develop, design, and pitch a product to experienced industry professionals. It’s the ideal chance to apply the theory from the course to a real-world scenario.

“One of the most interesting projects we did was with Unilever in our Innovation Projects and Team course,” Ranya explains. “We had to develop a product from beginning to end, with a business model, create a prototype and present it to representatives from Unilever. It was a really interesting experience.” (01:03)

Career possibilities with a Master’s in Innovation Management

One of the biggest challenges of innovation is ensuring people aren’t left behind. If people can’t keep pace with technological change, new technology could only become available to a select few people. This limits the potential of innovation to address the problems it seeks to solve. Addressing that imbalance is part of Ranya’s ambitions for the future.

“Ultimately, my goal in life is to make the world a better place. To do that, I want to help bring meaningful innovations to the market and make the latest technologies accessible to everyone,” she says. (01:20)

As Ranya mentioned, a Master’s in Innovation Management really can lead to any industry you want. It teaches students how to generate and implement innovative ideas – a skill that every company in the world is looking for. With 94% of its graduates employed within six months, the program’s stats back up that notion. Are you ready to master innovation?