Innovation involves venturing into new territory, and with that comes inherent risk. Risk management is about identifying, assessing, and mitigating these risks to protect your resources and increase the chances of your innovation succeeding.

Here's how to effectively manage risks in innovation:

• Identify potential risks
  Brainstorm potential risks that could derail your innovation project. Consider technical challenges, market fluctuations, and potential competitor responses.
  
  
• Assess risk impact and probability
  Evaluate the likelihood of each risk occurring and the potential impact it could have on your project.
  
  
• Develop mitigation strategies
  For each identified risk, develop strategies to minimise its likelihood or impact. This could involve contingency plans, alternative approaches, or resource allocation strategies.
  
  
• Monitor and adapt
  Risk management is an ongoing process. Continuously monitor your project and adapt your mitigation strategies as needed.

Remember: The goal of risk management isn't to eliminate all risk, but to make informed decisions and increase the chances of your innovation project succeeding.