Abstract
In the modern business environment, characterized by rapid technological advancements
and globalization, abetted by IoT and Industry 5.0 phenomenon, innovation is indispensable for
competitive advantage and economic growth. However, many organizations are facing problems in
its true implementation due to the absence of a practical innovation management framework, which
has made the implementation of the concept elusive instead of persuasive. The present study has
proposed a new innovation management framework labeled as “Absolute Innovation Management
(AIM)” to make innovation more understandable, implementable, and part of the organization’s
everyday routine by synergizing the innovation ecosystem, design thinking, and corporate strategy
to achieve competitive advantage and economic growth. The current study used an integrative
literature review methodology to develop the “Absolute Innovation Management” framework. The
absolute innovation management framework links the innovation ecosystem with the corporate
strategy of the firm by adopting innovation management as a strategy through design thinking. Thus,
making innovation more user/human-centered that is desirable by the customer, viable for business
and technically feasible, creating both entrepreneurial and customer value, and boosting corporate
venturing and corporate entrepreneurship to achieve competitive advantage and economic growth
while addressing the needs of IoT and Industry 5.0 era. In sum, it synergizes innovation, design
thinking, and strategy to make businesses future-ready for IoT and the industry 5.0 revolution. The
present study is significant, as it not only makes considerable contributions to the existing literature on
innovation management by developing a new framework but also makes the concept more practical,
implementable and part of an organization’s everyday routine