Citation:

Karthik Hosavaranchi Puttaraju, 2024. A Framework for Innovation Management in Engineering Organizations: Integration of Design Thinking and Economic Evaluation, ESP Journal of Engineering & Technology Advancements  4(2): 149-153.

Abstract:

Innovation management in engineering organizations remains a significant challenge, particularly in balancing creativity with analytical rigor, addressing early-stage uncertainties, and aligning technical feasibility with market needs. Traditional stage-gate processes often lack the flexibility required to navigate today’s dynamic environments. This paper proposes an integrated innovation management framework combining design thinking principles with rigorous economic evaluation methodologies, structured into five iterative phases: Opportunity Identification, Alternative Assessment, Proof of Concept, Development, and Commercialization. The framework ensures adaptability while maintaining systematic evaluation, addressing critical gaps in traditional approaches. This study concludes with insights into scalability, implementation challenges, and future research directions, emphasizing the framework’s potential to drive innovation across diverse industries and emerging technologies.

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Keywords:

Innovation Management, Design Thinking, Economic Evaluation, Product Development, Engineering Management, Balanced Breakthrough Model, Technology Commercialization.