Risks, uncertainty, and complexity characterize the innovation process. Businesses must consider developing structures, systems, and methodologies to boost the developments and implementation of new products. Every innovation stage has its characteristics and influences the final results, although each phase depends on the company’s requirements. For example, big organizations must include intensive assessments involving complex decision-making to achieve their goals. Open innovation entails searching external knowledge for technology management strategies. The phases of change are idea generation and mobilization, advocacy and screening, experimentation, commercialization, and diffusion and experimentation.