Innovation management typically involves various strategies and processes to foster creativity and enhance the development of new ideas. Four key pillars commonly associated with effective innovation management include: Culture of Innovation: Creating an organizational environment that encourages and rewards innovation. This involves promoting a culture where experimentation, risk-taking, and learning from failure are embraced. Processes and Strategies: Implementing structured methodologies and frameworks to manage innovation systematically. This includes processes for idea generation, evaluation, and implementation, along with strategies to prioritize and fund innovative projects. Resource Allocation: Allocating the necessary resources—financial, human, and technological—to support innovation initiatives. This pillar focuses on ensuring that innovation efforts receive the required funding, talent, and tools to succeed. Collaboration and Partnerships: Encouraging collaboration both internally and externally. Building partnerships with other organizations, fostering cross-functional teamwork, and encouraging diverse perspectives can significantly enhance innovative efforts.