Innovation management is a diverse topic with many different layers and dimensions. Although innovation itself is often seen as an abstract concept, its a multidisciplinary field of study that has a number of different models, theories and frameworks.

We believe that understanding the common ones helps make sense of this complex beast and can be used as reference when quantifying innovation and explaining innovation-related phenomena.

Explain the following:

• classifying different types of innovation
• explain common regularities
• introduce theories regarding portfolio management and the life cycle of innovation.

Please provide a detailed explanation of 2000 words.