What typology of risks and methods for risk management in innovation projects?: A systematic literature review

Abstract

Performing an appropriate risk management methodology is essential to support early decision-making in innovation development projects. In parallel, research and practice in innovation have evolved over the last years, surpassing the sphere of new product development to address recent domains such as service development, business model innovation, and sustainability-oriented innovation. Henceforth, there is a need for comprehensive research to update the joint knowledge about innovation development and risk management. Through a systematic literature review, this research analyses and consolidates the knowledge of 98 articles published between 1998 and 2022. This analysis contributes to the literature by i) highlighting specific risks associated with the innovation development process; ii) classifying the methods and tools used to manage risks in innovation development projects; and iii) drawing out the future research directions crossing these two domains. The added value of our systematic review is based on an extended time frame and a broader definition of innovation, considering not only product or technology-oriented innovations but also service and business models ones. In practical terms, the study consolidates and presents the main risks project managers have to manage and the best methods to manage them, the importance of human-based approaches, especially in radical innovations.