Four Generations of Innovation Management

Since 1900, there have been “Four Generations Of Innovation Management” that have been accepted as best practice as shown in the figure. However, core limitations exist in the first, second and third generations of innovation management that form barriers to radical innovation and block needed improvements in the disciplines of management including investment strategy, strategic planning, executive business management, R&D, marketing, human resource management, organizational development, collaborative partnerships, and financial accounting and analysis.

In his seminal work on R&D management, Bill Miller uncovered the requirement that radical innovation has to become a new industry dominant design if it was to achieve commercial success. His 4G process effectively enables such radical innovation.