Innovation Models for Public and Private Organizations: A Literature Review

Abstract

Private and public organizations need to innovate in order to survive. Therefore, various innovation management models have been developed. The purpose of this paper is to conduct a literature review of the different innovation management models. This paper reviews twelve innovation models used in the private sector and five innovation models used in the public sector. It compares the models with a focus on extracting the practical usage of relevant stages and introducing new stages. The main results indicate that most innovation models share common stages such as idea creation, idea conceptualization, concept development, evaluation and selection, development and implementation, however in the public sector there is not much of an emphasis on the commercialization and practical utilization stages. At the end, a conclusion is made taking into consideration the major differences between the public and private innovation models.