An innovation framework: the foundation for two complementary approaches to innovation management

Innovation is critical to the future of the technology industry. Managers are confronted with conflicting pressures, on the one hand for innovation which requires flexibility and risk taking, and on the other hand for near-term results and short-term revenues, which require efficiency and well-defined processes. How can they resolve this dilemma? This paper presents two distinct and complementary approaches and an overarching innovation management framework. The framework fits within an ambidextrous organization and utilizes open innovation practices.