Innovation is the key to success in today's dynamic business world, where companies are under constant pressure to grow. Ongoing changes, technological advancements, and changing customer needs require companies to be able to continuously develop and break new ground. This is where innovation management comes into play, since it enables businesses to capture and evaluate innovative ideas and transform them into workable solutions. In this context, creating a customized innovation process reflecting the company's needs and goals and fostering a culture of creativity and openness is pivotal.

Diving into existing literature provided an initial framework for potential best practices. Next, a focus group of seasoned internal business development managers further enriched insights for the forthcoming innovation process. Utilizing these findings, an initial innovation process draft was formulated. This draft was subsequently presented to pertinent internal stakeholders and rigorously scrutinized through qualitative interviews. Leveraging these outcomes, a recommendation for an efficient innovation process was meticulously crafted.

This study underscores the prevalence of errors during new product development. A particularly concerning scenario arises when time constraints imposed by management prompt the adoption of shortcuts in extensive market research, aiming for rapid product launches and revenue growth. However, this haste undermines the accurate understanding of customer needs and neglects thorough market analysis, resulting in the introduction of products devoid of demand and eventual failure. Consequently, a conscientious approach to the innovation process becomes imperative. Navigating through each step diligently, without succumbing to shortcuts, is essential to evade such pitfalls. The research findings emphasize that an effective innovation process entails critical elements: idea generation, comprehensive evaluation through professional portfolio management, meticulous scoping, business case establishment, iterative development, a 'build-measure-learn' cycle, and regular success assessments. By adhering to these components, companies can cultivate a robust innovation framework and reduce the risk of errors that lead to unsuccessful product ventures.