Innovation is the Prerequisite of Growth

This article tries to answer the question what implications innovation management will have on the future performance of companies. For this purpose a new approach has been developed that considers the time factor to be the determining element for the success of an innovation which also includes an invention. The developed model analyses the entire innovation process on several levels as well as the innovation performance and innovation capability of a company. This model permits to highlight critical elements within the company and the specific project, on the basis of existing data. This allows to give recommendations for optimisation and to evaluate modifications.