Success factors of innovation : a literature review

Innovation is the driving force of corporate growth. It ensures competitiveness and offer opportunities. On the other hand, high development costs and long development cycles require high investments that have to be spent efficiently. Therefore, it is necessary to innovate wisely and with focus. To ensure and support innovation it is crucial to identify and manage key success factors. Investigating such factors has a long history. In determining these it is essential to define what goals are being aimed with an innovation and furthermore with which strategies and measures the goals are ultimately to be achieved. The critical success factors can then be defined using tools of innovation management and various phases of the innovation process. Due to the extent of the paper only some key success factors are mentioned. They have been identified as the most critical success factor with the help of literature analysis.