How To Become an Innovation Manager: Step-by-Step Guide
Learn about the steps important to pursuing a career as an innovation manager, including education, skills, salary and more.
Innovation managers are responsible for developing and implementing new ideas and processes within a company. They work with other departments to identify areas that need improvement and develop strategies to increase efficiency and productivity. If you are interested in becoming an innovation manager, it is helpful to understand the job responsibilities, skills and education requirements for this position. In this article, we explain what innovation managers do and how to become one.
What Does an Innovation Manager Do?
Innovation managers are responsible for developing and implementing processes that will help their company or organization be more efficient and effective. They typically work in the research and development department of a company and report to the head of that department. Innovation managers typically have a background in engineering, business or another scientific field.
The duties of an innovation manager include:
- Identifying areas of a company or organization that could be improved
- Developing plans to improve efficiency and effectiveness in those areas
- Implementing new processes or technologies to improve performance
- Monitoring the results of changes made to assess their effectiveness
- Writing reports on findings and recommendations
- Presenting findings to upper management
- Coordinating with other departments to ensure changes are implemented smoothly
- Overseeing projects from start to finish
- Managing a team of employees
Innovation Manager Salary and Job Outlook
The average salary for an innovation manager is $124,630. This figure can vary based on the size of the company, industry, and geographical location.
The Bureau of Labor Statistics predicts that job prospects for innovation managers will grow at a faster than average rate over the next decade. This is due to the increasing importance of innovation in the business world. Many companies now need someone to manage and oversee their innovation initiatives, making this an in-demand role.
How to Become an Innovation Manager
Here are several steps you should take to become an innovation manager.
1. Earn a bachelor’s degree in business, engineering, or a related field
A bachelor’s degree is the minimum education requirement for most innovation manager positions. Common degrees held by professionals in this field include business, engineering and computer science.
While pursuing your undergraduate degree, consider taking courses that will help you develop skills useful in product development and management. Courses in marketing, economics, statistics and research methods can also be beneficial.
2. Consider pursuing a master’s degree or MBA
While a master’s degree isn’t required to work as an innovation manager, many employers prefer candidates who have one. A master’s in business administration (MBA) can help you develop your management skills and knowledge of business practices. An MBA can also be helpful if you’re interested in pursuing a C-level position or want to move into a different industry.
If you don’t want to pursue an advanced degree, consider obtaining an MBA certificate instead. These programs are typically shorter than full MBAs and focus on specific areas of business such as marketing, finance or leadership.
3. Gain experience in product development, marketing, and management
While a bachelor’s degree is the minimum education requirement for this position, many employers prefer candidates with at least three to five years of experience in product development, marketing or management. Consider internships and volunteer work that can help you build your skills and network in these fields. You may also consider taking on an entry-level role in one of these departments to gain experience before pursuing a career as an innovation manager.
4. Develop strong research skills
As a manager, you will need to conduct research and gather data to inform your decisions. You may work with marketing teams or other departments to identify trends in customer behavior or study competitors’ products to see what features they have that might be useful for your company.
You should also keep an eye on industry developments so you can stay informed about the latest technologies and best practices. Regularly reading trade publications and following industry leaders can help you stay up to date.
5. Understand the principles of design thinking
Design thinking is a process that involves creating solutions to problems by involving all stakeholders and identifying the needs of each one. It’s an innovative approach to problem solving that starts with defining the problem, then finding the best solution through collaboration and iteration. Understanding design thinking can help innovation managers create products and services that meet their customers’ needs.
To learn more about design thinking, consider taking classes or reading books on the subject. You may also find it helpful to read up on lean startup principles, which are similar to design thinking in that they both involve testing ideas quickly to determine what works best.
6. Stay up to date on trends in innovation and technology
Technology and trends are constantly changing, so it’s important for innovation managers to stay informed about the latest developments. You can do this by reading industry publications or following companies in your field on social media. This will help you identify what types of products consumers want and how businesses are using new technology.
You may also want to attend conferences or seminars where experts share their knowledge on topics such as design thinking or lean startup principles. Attending these events can help you learn best practices from other professionals and improve your own skills.
7. Join professional organizations such as the Product Development and Management Association (PDMA)
The Product Development and Management Association (PDMA) is a professional organization that provides resources, networking opportunities and training to product development professionals. Membership in the PDMA can help you stay up to date on trends in innovation management and build your network of contacts within the industry. You may also consider joining other organizations related to your specific field or career interests.
