MBA in Innovation Management | TopMBA.com

An MBA that specializes in innovation management will help MBA students in a number of ways.

Students will learn how innovations can improve processes and products in an industrial setting to make their business more competitive. They’ll also examine how best to innovate management techniques, ensuring staff can work more productively and effectively.

Innovation management MBA programs encourage students to harness creativity and new ideas to move things forward within a company.

As well as traditional core business modules in accounting, finance and strategic management, students on an innovation management MBA program should also expect a focus on creativity and innovation and how best to utilize these talents.

Students should also be prepared to study electives on innovation and product development, technology management, change management, and many more.

Consequently, you should expect to study electives on innovation and product development, technology management and change management, amongst others.

What is an MBA in Innovation Management?

An MBA in Innovation Management prepares students to become creative, innovative and highly skilled leaders, able to foster strategic thinking and create procedures and processes for ideation, prototyping and production.

What You Need to Study an MBA in Innovation Management

Generally, most b-schools will require the following:

  • Three to five years of professional experience (although this can vary)
  • An undergraduate degree
  • A good GMAT/GRE score
  • Employers’ recommendation

It’s important to note that successful people in innovation management are often creative and visionary, with the ability to see opportunities and the business acumen to put ideas into practice – so make sure you showcase your innovative flair during the application process.

MBA in Innovation Management – Course Content

While every MBA teaches advanced business skills, a specialization in innovation management will focus on developing students’ ability to create functional and successful products, as well as to promote innovation within a company and/or brand.

Specialized courses might include:

  • Consumer Behavior
  • Product Design
  • Product and Brand Management
  • Marketing Research and Digital Marketing

Innovation management specializations may not be the most common choice for students, but that doesn’t mean this speciality track hasn’t soared over the past few years.

Harvard Business School professor Clayton Christensen is just one of the b-schools leaders creating and shaping the discipline of innovation management. Currently the Kim B. Clark Professor of Business Administration at HBS, Christensen is a leading authority on disruptive innovation.  

MIT Sloan School of Management offers the one-year MIT Sloan Fellows MBA program, which attracts high-potential, mid-career leaders who are enthusiastic to discover new possibilities for innovation and action.

There are 77 Nobel laureates associated with MIT, making it a leading institution for innovation and leadership. A recent Kauffman Foundation study revealed if active companies founded by MIT alumni formed an independent nation, their revenues would make that nation the 11th-largest economy in the world. With annual sales of $2 trillion placed between Italy and India.

The MBA program at INSEAD offers students a wide variety of core modules and electives to choose from, allowing a focus on different aspects of innovation. For example, the elective, ‘Social Entrepreneurship & Innovation’ is offered by the INSEAD Social Innovation Centre (ISIC), established in 2007.

Top Careers to Pursue with an MBA in Innovation Management

MBA programs that specialize in innovation management will put you at the top of the game when it comes to understanding new technology, theories and practices.

Here are some of the top roles you could land:

  • Entrepreneur
  • Innovation Consultant
  • Change Manager
  • Product Developer Manager
  • Innovation Strategist
  • Chief Strategy Officer

Salaries

Here are some of the top-tier innovation management positions with the highest average salaries you could land after your MBA, according to PayScale:

  • Chief Strategy Officer: US$189,395
  • Director of Innovation: US$120,083
  • Change Manager: US$97,545
  • Product Development Manager: US$82,699