What is the difference between idea management and innovation management?

One of the most notable differences between idea management and innovation management is the scope. While they both present opportunities to grow a company, innovation management is more focused on creating innovative products or services to differentiate from the competition. Idea Management starts with an idea found by somebody who internally brings the idea to the business managers for review and implementation.

Innovation Management involves the implementation of innovation into a business model, usually through structured strategy and creative processes such as brainstorming sessions. In a way Idea Managemet is a part of Innovation Management. The Idea Management process exists in tandem with the other wheels that make up Innovation Management to help power business growth and innovation.