Innovation management is a specific type of process management, in which an idea is taken to realization and where in practice is central to the process.
Necessity is the mother of all inventions. But before an invention can be used, usually a long process starts to shape the idea. An important part of innovation management is investigating the feasibility of the idea. Not only do we explore technical feasibility of an idea, we also look at other aspects, such as environmental and financial aspects.
Developments in science and technology follow each other in rapid succession. These developments also find their way into the public domain. For example, LEDs are used more and more for public lighting, license plate recognition is used to perform speed measurements and to solve the parking issues in the city fully automated car parkings are built.