Conceptualizing the Innovation Process – Trends and Outlook

This paper introduces the evolving understanding and conceptualization of innovation process models. From the discussion of different approaches towards the innovation process understanding and modeling two types of approaches to the evolution of innovation models are developed and discussed. First the so-called innovation management approach which focuses on the evolution of the company innovation management strategies in different socioeconomic environments. Second is the analysis the evolution of innovation models themselves in conceptual sense (conceptual approach) as well as analysis of theoretical backgrounds and requirements for these models. The main focus of analysis in this approach is on advantages and disadvantages of different innovation models in their ability to describe the reality of innovation processes. The paper focuses on the advantages and disadvantages as well as potentials and limitations of the approaches and also proposes potential future developments of innovation models as well as the analysis of driving forces that underlie the evolution of innovation models recently.