Risk Management in the Innovation Project

Abstract

Abstract. The object of this research is to recognize the sources of risk in innovation projects and to determine whether
they could be managed better. Due to the variety of opinions and theories over the nature of risk, reaching an agreement
about risk management is difficult. This will be a major problem if any effort is made to proactively manage «risk»
in naturally «risky» areas such as innovation. Some risk management could be valuable, but perhaps too much, or
inappropriate risk management might repress the creativity that is core to innovation. It is necessary and valuable to
consider the process of innovation from conceptualization to commercialization, how uncertainties are formed, how
they are managed in that context, and how the techniques of risk management can be further deployed to improve the
success rate of innovation projects.