European Master and Certification Program
in Risk Engineering and Management

V-R36: IRM
Innovation Risk Management

Course code: 161325
Language of instruction: English
Lecturers: Chemical Engineering Flor Angela [EU-VRi] Quintero (European Virtual Institute for Integrated Risk Managment)
Assessment: Defined in the module

Short description

The development of new products and technologies is a risky and uncertain process. The success of the new technology does not lie just in the invention part or in the generation of innovative ideas, but also in the successful management of the innovation process from an idea to products and services in the market. The management of innovation is a process - described in this course - which includes a disciplined, stage-by-stage approval process combined with regular measurement of every critical factor, ranging from the capability of the product to reach the target characteristics to success in the market. The TRL (Technology Readiness Level) assessment is done as practical example on several cases from industry.


In order to help business grow and improve its competitiveness, an integrated design process to achieve a successful innovation is needed. The design process has to be supported by efficient knowledge management techniques and tools. The main purpose of innovation is to create value, and the method to reach this goal is to develop ideas, refine them into a useful form and bring them to market, where they will survive, achieve profitable sales and remain competitive. As described in the literature, innovation process models changed over time from simple linear models to more complex integrated models, however most of them involves a similar set of steps and stages. These are the following:

  1. Idea generation
  2. Concept development
  3. Concept evaluation and selection
  4. Development and implementation
  5. Management and control
  6. Launch to market

At the end of the course the participants will have better understanding of

  • Management process of innovation
  • Concept of open innovation
  • Understand the aspects of subcontracting in the innovation process
  • Understand the aspects of involving the end-users in the innovation process

Target Attendees / Participants

The course is dedicated to the wide range of participants, such as:

  • professionals dealing with risk issues on management or operation level
  • individuals with no previous experience in the field of risk management, but willing to extend their knowledge and take up new roles in risk management in their companies
  • Students of Steinbeis Master of Risk Engineering and Management program and similar programs.

Course Content by Units

Unit 1: Introduction

  • Overall process of innovation and stages
  • Overview of recent development and trends in the innovation process

Unit 2: Innovation steps

  • Step 1: Idea generation
  • Step 2: Concept development
  • Step 3: Concept evaluation and selection
  • Step 4: Development and implementation
  • Step 5: Management and control
  • Step 6: Launch to the market

Unit 3: Conventional and alternative innovation processes

  • Conventional innovation process
  • Open innovation process
  • Crowdsourcing
  • Involvement of end-users in the process

Unit 4: Risk Assessment methodology and selection process

  • Criteria for evaluation of product or technology
  • Treshold values and simulation procedure
  • Selection of most promising alternatives; risks and opportunities
Unit 5: Review of the main course issues

Teaching Methods

The course includes:

  • introductory note explaining the aim and structure of the course,
  • ex cathedra lecturing illustrated by number of examples
  • one case study
  • presentation of specific software tools and individual exercises using these tools


  1. Henry William Chesbrough (2003). Open Innovation: The New Imperative for Creating and Profiting from Technology, 412, .
  2. Louw, L., Du Preez, N.D., (2011). A Framework for Managing the Innovation Process, , .
  3. Ciborra, C. U., Patriotta, G. (1998). Groupware and teamwork in R&D: limits to learning and innovation, R&D Management, vol 28, no. 1.
  4. King, A., Lakhani, K. R. (2009). Principles of Innovation Management, Harvard Business School, Cambridge.
  5. Tang, H. K. (1998). An integrative model of innovation in organizations, Technovatio, vol.18, no. 05, pp. 297-309
  6. Jeffrey Lindsay, Cheryl A. Perkins, Mukund Karanjikar (2009). Conquering Innovation Fatigue: Overcoming the Barriers to Personal and Corporate Success, 10, .
  7. Henry Chesbrough (2011). Open Services Innovation: Rethinking Your Business to Grow and Compete in a New Era, 110, .
  8. Andrew C. Lyons et al. (2012). Customer-Driven Supply Chains: From Glass Pipelines to Open Innovation Networks (Decision Engineering), 2, .
  9. Morris, L. (2008). Innovation Metrics - The Innovation Process and How to Measure It, InnovationLabs LLC, .
  10. Satish Nambisan, Mohanbir Sawhney (2007). The Global Brain: Your Roadmap for Innovating Faster and Smarter in a Networked World, 825, .
  11. Alpheus Bingham, Dwayne Spradlin (2011). The Open Innovation Marketplace: Creating Value in the Challenge Driven Enterprise, 429, .
  12. Lea Shaver (2010). Access to Knowledge in Brazil: New Research in Intellectual Property, Innovation and Development, 2457, .
  13. Gaurav Bhalla (2010). Collaboration and Co-creation: New Platforms for Marketing and Innovation, 2, .
  14. Steven P. MacGregor, Tamara Carleton (2011). Sustaining Innovation: Collaboration Models for a Complex World (Innovation, Technology, and Knowledge Management)
  15. Hongyi Sun (2012). Management of Technological Innovation in Developing and Developed Countries, 2183, .
  16. Carmen de Pablos Heredero (2011). Open Innovation in Firms and Public Administrations: Technologies for Value Creation (Premier Reference Source), 270
  17. Pugatch, M. -P. (2011). On patent pools, risks and rewards in the public health arena – should we abandon the traditional way of patenting? In 20th SRA-Europe Meeting. Stuttgart, Jun. 6-8, 2011. Stuttgart: Steinbeis. ISBN: 978-3-941417-65-6
  18. Dan Bell (2009). The Crowdsourcing Handbook - THE How To on Crowdsourcing, Complete Expert's hints and tips Guide by the leading experts, everything you need to know about Crowdsourcing
  19. Hongyi Sun (2012). Management of Technological Innovation in Developing and Developed Countries

For more information about the European Master and Certification Program in Risk Engineering and Management in general, go the Homepage.
For more information about the European Master Program in Risk Engineering and Management in general, go the Master Study page.
To see more courses in the curriculum, go to The curriculum page, or by date and topic go to the Calendar of Courses page.
Contact: via email or phone +49 711 1839 781 or +49 711 1839 647
(Course profile ID: V-R36:, generated on September 24, 2021)