Average Starting Salary
Average In-State Tuition
Average Student Enrollment
Online MBA Programs
Discover information on start dates, credit transfer processes, initial salary expectations, financial aid opportunities, GMAT requirements, tuition fees, student-to-faculty ratios, and average post-graduation employment rates.
100 Best MBAs in Innovation Management
Find a list of campus and online MBA programs in Innovation Management in the the United States. In-person, campus Innovation Management MBA programs account for 54 programs while online offerings account for 27 programs. Find Innovation Management MBA programs offered and sorted from lowest to highest tuition.
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Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
How Much is Tuition for an MBA in Innovation Management?
The average full-time Tuition for MBA programs in Innovation Management is $43,197.41 with a highest of $141,812.00 and the lowest of $11,782.00
The average in-state tuition for campus MBA program in Innovation Management is $43,197.41 compared to the average out-of-state tuition of $56,427.31. The average in-state tuition for an online MBA in Innovation Management is $41,301.21 compared to an average out-of-state online tuition of $52,921.87.
With a tuition cost ranging between $11,782.00 and $141,812.00, it may be worthwhile to attend a highly reputable online or in-state program instead of electing to go out-of-state. This may be the difference in a $90K in tuition due to your residency status. You don’t need an MBA degree to know the importance of fiscal responsibility.
You may want to opt for a more affordable degree programs instead of taking out student loans for B-School tuition. A savvy student also realizes that attending an online MBA program can significantly reduce textbook, transportation and living costs.
10 Most Expensive Innovation Management MBA Programs
- Carnegie Mellon University - $141,812.00
- University of Virginia-Darden - $139,200.00
- The University of Michigan - $132,953.00
- University of California, Riverside - $95,844.00
- University of California, Davis - $83,428.00
- Drexel University - $64,000.00
- Hofstra University - $54,732.00
- Clarkson University - $53,664.00
- Lipscomb University - $48,600.00
- The University of Michigan-Dearborn - $47,600.00
10 Most Affordable Innovation Management MBA Programs
- Indiana University Kokomo - $11,782.00
- Pittsburg State University - $12,732.00
- Troy University - $13,175.00
- Florida Gulf Coast University - $13,442.00
- Indiana State University - $18,875.00
- Cleveland State University - $19,221.00
- Eastern Kentucky University - $19,800.00
- Salem State University - $19,810.00
- Northern Kentucky University - $20,691.00
- Ohio University - $21,432.00
What is the Starting Salary for Innovation Management MBAs?
Though it’s not the only factor, compensation is an important consideration for individuals considering obtaining an MBA degree. Salaries for graduates with master’s degrees in business administration can be significantly higher than those of graduates with only a bachelor’s degree. In addition, advance salary projections from the US Department of Labor show that average MBA salaries are expected to increase by 13.5% each year through the year 2028 with an annual need of 99,000 new managers needed each year.
Average starting salary for MBA students from universities that offer an MBA in Innovation Management today is $86,618.75 with the lowest of starting of $59,276.00 and the highest reported starting salary of $126,250.00.
10 Highest Starting Salaries
- Carnegie Mellon University - $126,250.00
- University of Virginia-Darden - $124,684.00
- The University of Michigan - $123,000.00
- Northern Kentucky University - $110,000.00
- Embry-Riddle Aeronautical University - $108,000.00
- University of Florida - $104,500.00
- Sacred Heart University - $100,000.00
- University of California, Davis - $99,969.00
- Drexel University - $99,942.00
- Widener University - $97,837.00
10 Lowest Starting Salaries
- St. John's University - $59,276.00
- University of Louisiana at Lafayette - $62,075.00
- Pittsburg State University - $62,750.00
- Philadelphia University - $63,228.00
- Florida Gulf Coast University - $63,500.00
- Saint Xavier University - $66,200.00
- Central Michigan University - $69,942.00
- University of California, Riverside - $70,000.00
- The University of Michigan-Dearborn - $70,800.00
- Clarkson University - $72,000.00
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Best ROI for MBA Programs
The average ROI full-time for MBA programs in Innovation Management is 139% with a highest of 413% and the lowest of 37%.
Return on investment (ROI) is an essential factor when considering which MBA program(s) to apply to. To calculate ROI, consider both the tuition for the MBA program and the average salary a graduate earns. The average tuition cost for an MBA degree in Innovation Management is approximately $43,197.41, while the average starting salary for MBA graduates is around $86,618.75. To calculate ROI, you need to subtract the tuition from the salary and divide by the tuition cost. This will give you a rough estimate of how much value you will get out of the MBA education.
The average ROI for all MBA programs in the United States is 154%. The average ROI for Innovation Management programs is 139%.
10 Innovation Management Programs with the Best ROI
- Troy University - 316.36%
- Northern Kentucky University - 265.82%
- Pittsburg State University - 246.43%
- Florida Gulf Coast University - 236.20%
- Eastern Kentucky University - 210.92%
- University of Florida - 197.37%
- Ohio University - 184.82%
- The Citadel - 179.42%
- Eastern Michigan University - 151.28%
- Central Michigan University - 146.74%
10 Innovation Management Programs with the Lowest ROI
- Carnegie Mellon University - 44.51%
- University of Virginia-Darden - 44.79%
- St. John's University - 66.59%
- Clarkson University - 67.08%
- The University of Michigan-Dearborn - 74.37%
- Hofstra University - 77.65%
- The Pennsylvania State University Great Valley School of Graduate Professional Studies - 77.96%
- Drexel University - 78.08%
- Saint Xavier University - 84.96%
- Utah State University - 125.37%
Managing Projects for Competitive Advantage
Managing projects for competitive advantage is an essential skill for innovation success. With the right combination of research, planning, and execution, businesses can develop and implement projects that create unique value and differentiate them from their competitors.
The first step in managing projects for competitive advantage is to identify the opportunities and challenges of the project. This includes conducting research to determine customer needs, identifying potential solutions, and assessing the resources available to implement the project. Once these elements have been identified, a project plan should be developed that outlines the objectives, timeline, and budget.
The next step is to develop a strategy for achieving the objectives of the project. This includes considering all possible solutions and selecting those that will give the greatest competitive advantage and maximize resources. It is also important to consider how technology can be used to enhance efficiency or effectiveness.
Once a strategy has been developed, it is essential to create an effective team. The team should include individuals who have expertise in areas related to the project goals as well as individuals who can bring different perspectives to problem-solving. Team members must also understand their roles and responsibilities in order to work effectively together in achieving success.
It is also important to ensure that all stakeholders are engaged throughout the process. This includes gathering input from customers, partners, suppliers, and other stakeholders in order to ensure that everyone’s interests are being addressed in the project plan. This input should be used to refine and adjust the project plan as needed.
Finally, it is essential to track progress throughout the project in order to ensure that goals are met on time and within budget. Regular meetings should be held with team members in order to review progress and make adjustments as needed. Regular communication with stakeholders should also be maintained so they are aware of any changes or delays that may occur during the course of the project.
By following these steps, businesses can effectively manage projects for competitive advantage and create unique value for their customers while differentiating themselves from
Transforming Technology to Create Value
Transforming Technology to Create Value is an important aspect of the MBA in Innovation program. To truly understand the implications of digital transformation on the value chain and to create new economic models, MBA students must be able to make use of the latest technology and its associated trends. Students should be familiar with digital platforms, automation technologies, and AI-driven solutions.
When looking at how to transform technology to create value, MBA students should consider the following:
• Identify Opportunities for Digital Transformation: Take a hard look at your current processes and operations. Find areas that are ripe for digital transformation and identify technologies that can help streamline processes or improve customer experience.
• Analyze Your Business Model: Understand how your business model works and how it can benefit from digital transformation. Consider how new technologies could help you accomplish more with fewer resources and bring in additional revenue streams.
• Evaluate New Technologies: Research different types of technologies to determine which ones are best suited for your business needs. Consider how the technology will integrate into existing systems, as well as its scalability and cost.
• Develop a Digital Transformation Strategy: Once you have identified opportunities for digital transformation, it’s time to develop a comprehensive strategy that outlines objectives, milestones, resources, and key performance indicators (KPIs).
• Implement Your Digital Transformation Plan: Put your plan into action by creating a timeline for implementation and setting up project teams to oversee different aspects of the process. Monitor progress regularly to ensure that objectives are met on time and within budget.
By following these steps, MBA students will gain an understanding of how to use technology to create value in their organizations and stay ahead of the competition in today’s rapidly changing business environment.
The Interdisciplinary Approach to Innovation
As the world around us changes and evolves, the need for more innovative thinking increases. The interdisciplinary approach to innovation can help organizations and individuals stay ahead of the curve and create products and services that are in demand. This approach is based on a combination of different disciplines in order to address complex problems and develop breakthrough solutions.
When it comes to managing projects for competitive advantage, it is essential to understand the importance of an interdisciplinary approach. By taking a holistic view of the project, you can identify areas where different disciplines may be needed in order to make the project successful. For example, if you are developing a new product, you may need input from engineering, marketing, operations and finance in order to ensure all components are working together effectively. This can help you stay competitive by allowing you to identify opportunities that others may miss.
Transforming technology is another key component of an interdisciplinary approach. By understanding how different technologies work together, you can create new products and services that have never been seen before. This can be done through a combination of design, engineering and marketing techniques that allow for rapid prototyping and testing. Leveraging these technologies will help you create products faster than ever before and let you stay ahead of your competition.
The interdisciplinary approach also extends to product development and innovation strategies. By looking at how different disciplines interact with each other, teams can develop innovative solutions that combine different elements into a cohesive product or service offering. For example, teams must consider marketing strategies as well as design elements when creating a new product. This helps ensure that each part of the product works together properly and meets customer needs.
In addition to product development, teams must also consider marketing, design and pricing when it comes to innovative products or services. By understanding how each element works together, teams can create pricing structures that are both attractive to customers while also being profitable for the organization. Additionally, teams should consider how they can use design elements like user experience or graphics in
Product Development and Innovation Strategies
An MBA in Innovation Management provides students with the skills necessary to develop and implement innovative strategies. Product development is a key element of this process, as it involves the creation of products to meet customer needs and satisfy markets. To develop successful products, students must understand the dynamics of product development and innovation strategies.
First, students should identify customer needs and determine what type of product is needed to meet those needs. This requires research into customer preferences, trends in the industry, competitive products, and other factors that may influence product development. After identifying customer needs, students should develop a prototype or concept of the product that meets those needs.
Once a product concept is created, students must evaluate it for feasibility. This may involve testing prototypes in various environments or conducting market research to assess customer feedback and preferences. Students may also need to consider cost-benefit analysis and other financial considerations related to the development of the product.
The next step is for students to design a viable business model for their product. This means developing an understanding of how the product will be marketed, how pricing structures will work, how customers will purchase it, and other factors related to the commercialization of the product.
After a business model is developed, students must create a plan for launching their product into the market. This includes designing marketing materials such as websites, advertising campaigns, and promotional materials. Students must also consider production issues such as sourcing materials or manufacturing processes. Finally, they must identify channels for distributing their products.
Finally, students must have an understanding of how to measure success after their product is launched into the market. This includes monitoring sales figures and customer feedback as well as assessing whether goals have been met or exceeded in terms of revenue or market share growth. Innovative products can be successful if managed properly with an understanding of product development strategies and business models that support them.
Marketing, Design and Pricing of Innovative Products
Marketing, Design, and Pricing of Innovative Products is an important component of an MBA in Innovation Management. In this specialization students will gain a comprehensive understanding of the strategies and techniques necessary to successfully market, design and price innovative products.
First, students must have a firm grasp on customer needs and preferences. This includes understanding customer behaviors, demographics and psychographics. By analyzing market research data and performing customer segmentation exercises, students can better identify potential opportunities for product innovation.
Second, students will learn how to develop effective marketing campaigns to promote innovative products. This includes studying the 4 P’s of marketing – product, price, promotion and place. Students will be exposed to various digital marketing channels such as social media marketing, search engine optimization (SEO) and email marketing. In addition, they will also learn about traditional marketing channels such as print ads, television commercials and radio promotions.
Third, students will explore design principles for product innovation. This includes understanding the principles of aesthetics, ergonomics and usability. Additionally, students will learn about the importance of developing sustainable design principles for products that are environmentally friendly and socially responsible.
Finally, students must understand pricing strategies for innovative products. This includes learning how to set prices based on cost-plus pricing models as well as pricing based on customer perception. Students will also study different pricing strategies such as dynamic pricing and freemium models in order to maximize revenue potential from their products.
By mastering these concepts within the Marketing, Design and Pricing of Innovative Products specialization, students can gain the skills necessary to successfully launch innovative products onto the marketplace with a competitive advantage.
Managing People and Teams for Innovation
Managing people and teams for innovation is an essential skill for any leader in the modern business landscape. In order to foster innovation, leaders must be able to effectively motivate and manage teams. To do this, they must have a clear understanding of the principles of effective team management and how they can be applied to create a culture of innovation.
One key element of successful team management is building trust among team members. Leaders should set clear expectations, provide feedback, listen to their team’s ideas, and ensure that everyone is given an opportunity to contribute. Leaders should also promote collaboration by encouraging communication and brainstorming sessions that allow for free exchange of ideas.
Leaders must also be able to recognize when team members are struggling or performing poorly. It is important to provide support and guidance in order to help them reach their full potential. Leaders should also strive to foster a culture of learning and development by encouraging team members to take on new challenges and grow their skillset.
Finally, leaders must be able to recognize when it is time to make changes or pivot strategies. It is important for leaders to remain open-minded and flexible when it comes to making decisions about how best to move forward with a project or initiative.
By following these tips, leaders will be able to create an environment that fosters innovation within their teams and organizations. By leveraging the interdisciplinary approach outlined in previous blog sections, leaders can ensure that they have the right skillset and mindset needed to drive innovation within their teams.
Business Models for Innovation
Business models are the framework for how a company creates, delivers, and captures value. They define the underlying structure of the organization and provide insight into how it creates, delivers, and captures value. When it comes to innovation, business models are essential for creating competitive advantages and long-term success.
Innovation requires companies to be agile and adaptive in order to stay competitive in a rapidly changing market. Business model innovation is key to staying ahead of the competition. This means taking risks and exploring new opportunities that can lead to greater success.
In order to create an effective business model for innovation, companies should start by understanding their current business model. What are the core components of the current business model? What are the strengths and weaknesses? What resources are available? Once these questions are answered, companies can then begin to analyze potential areas for innovation.
Companies should also consider external factors that could impact their business model. Are there any new trends or technologies emerging that could help them create a more profitable or sustainable model? It’s important to stay on top of changes happening in the industry as well as customer preferences in order to identify potential opportunities for innovation.
Once potential areas for innovation have been identified, companies should develop strategies around how they can capitalize on them. This includes researching competitors’ strategies and understanding how they can differentiate their product or service offering through innovative business models. Companies should also consider how they can use technology to further enhance their value proposition and create more efficient processes.
Finally, companies should assess the risks associated with their proposed business model changes before implementing them. It’s important to test out new ideas before fully committing resources in order to ensure success. This could include piloting new products or services or launching a minimum viable product (MVP) in order to test customer response.
Business model innovation is essential for staying competitive in today’s digital age. By understanding their current business models
Globalization of Innovation and Strategies
Globalization of innovation and strategies is an important concept for any business looking to stay ahead of the competition. Businesses must understand the implications of globalizing their innovation and strategies in order to remain competitive. Here are some tips on how to do just that.
First, businesses should create a global strategy that takes into account the needs and wants of all its stakeholders. This means understanding the different cultural, political, and economic contexts in which the business is operating. This will help ensure that all stakeholders are taken into account when crafting a global strategy.
Second, businesses should develop a strong innovation culture that encourages employees to think outside the box and share ideas with each other. Creating an environment where ideas can be freely exchanged will help foster creativity and allow businesses to take advantage of new opportunities in different markets.
Third, businesses should take advantage of the latest technology to stay ahead of the competition, such as using artificial intelligence (AI) and machine learning (ML) to create more efficient processes. Utilizing these new tools can allow businesses to gain a competitive edge over their rivals and quickly respond to changes in the market.
Fourth, businesses should focus on developing partnerships with other companies around the world in order to gain access to new markets and resources. By forming strategic alliances with other companies, businesses can benefit from economies of scale, improved logistics, and access to new technologies and markets.
Finally, businesses should be aware of potential risks associated with globalizing their innovation and strategies – such as intellectual property (IP) infringement – so they can take steps to protect their investments. By taking the necessary precautions, businesses can ensure that their investments are safe from legal or financial risks associated with globalization.
By following these tips, businesses will be able to successfully globalize their innovation and strategies in order to remain competitive in today’s ever-changing market environment.
What Are the GMAT Scores Required for Acceptance into an Innovation Management MBA Program?
It’s important to note that not all MBA programs require a GMAT Score for admissions, but most reputable programs do. With that being said, if you have your eye on a list of competitive programs, it’s best to boost your GMAT Score accordingly. Outside of a solid GMAT Score, B-School admissions departments look at a candidate’s undergraduate GPA, professional experience, letters of recommendation, CV, and personal statement. A strong undergraduate performance may offset a sub-part GMAT Score.
For campus MBA programs in Innovation Management, the lowest GMAT score required from an in-person program is 400 and the highest is 687 with an average GMAT score to be accepted in a campus-based Innovation Management MBA program being 551.
For Innovation Management MBA programs offered online, the lowest GMAT score required by a university is 400 and the highest is 687 with an average GMAT score to be accepted in an online Innovation Management MBA program is 547.
Below you will find a list of the 10 highest and 10 lowest average GMAT scores needed for a campus based program offering an Innovation Management MBA concentration.
10 Highest GMAT Scores for Innovation Management MBAs
- University of Florida - 687
- Carnegie Mellon University - 687
- University of Virginia-Darden - 672
- University of California, Davis - 671
- The University of Michigan - 664
- University of Tennessee at Knoxville - 656
- Purdue University - 627
- Drexel University - 630
- University of Houston - 610
- Embry-Riddle Aeronautical University - 610
10 Lowest GMAT Scores for Innovation Management MBAs
- Saint Xavier University - 400
- Indiana University Kokomo - 402
- Eastern Michigan University - 450
- Sacred Heart University - 450
- University of Louisiana at Lafayette - 450
- Troy University - 460
- Rockhurst University - 480
- Indiana University of Pennsylvania - 480
- International Technological University - 490
- The Citadel - 497
Student / Faculty Ratio for MBA Programs in Innovation Management
A low Student/Faculty ratio for any MBA may have more of an impact on students wanting smaller classrooms and greater networking opportunities with professors and fellow classmates. For students who thrive in lecture hall environments and do not require the individual attention/one-on-one mentorship from a B-Schools faculty, then a high Student/Faculty ratio may not be an issue.
Of all the Innovation Management MBA programs offered in-person and on campus, the lowest Student Faculty ratio is 1:5 compared to the highest of 11:1 while the average Student Faculty ratio for all in-person campus program offering an Innovation Management MBA is 2:1.
For Innovation Management MBA programs offered online, the lowest Student Faculty Ratio is 1:2 and the highest is 11:1 with an average Student Faculty ratio from MBA programs offering an MBA in Innovation Management online is 3:1.
Below you will find a list of the 10 highest and 10 lowest student faculty ratios from campus based programs offering an Innovation Management MBA concentration.
10 Innovation Management Programs with the Highest Student Faculty Ratio
10 Innovation Management Programs with the Lowest Student Faculty Ratio
- The University of Michigan - 1:5
- Sacred Heart University - 1:2
- Northern Kentucky University - 1:2
- Carnegie Mellon University - 1:2
- Eastern Kentucky University - 1:2
- Indiana State University - 1:1
- University of Tennessee at Knoxville - 1:1
- The Pennsylvania State University Great Valley School of Graduate Professional Studies - 1:1
- Western Michigan University - 1:1
- Siena College - 1:1
Student Enrollment for MBA Programs in Innovation Management
The MBA program with the lowest student enrollment that offers an MBA in Innovation Management is 13 from University of Louisiana at Lafayette. The MBA program with the highest student enrollment offering an MBA in Innovation Management is Highest: 1,182 from The University of Michigan. The average student enrollment from all universities that offer an MBA in Innovation Management is 249.
10 MBA Innovation Management Programs with the Highest Student Enrollment
- The University of Michigan - 1,182
- University of Florida - 1,067
- University of Virginia-Darden - 969
- Central Michigan University - 870
- University of California, Riverside - 466
- University of Tennessee at Knoxville - 436
- Utah State University - 407
- Carnegie Mellon University - 378
- Cleveland State University - 298
- Purdue University - 267
10 MBA Innovation Management Programs with the Lowest Student Faculty Ratio
- About the Author
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Jessa Cast is a professional freelance writer and editor whose experience includes several years of published magazine articles and two edited books, among other writing and editing projects. She is skilled in conducting research and interviewing subjects, copy and content editing, event planning, and using the Microsoft suite, as well as a variety of freelance business assistance offerings. She earned a Master of Business Administration (M.B.A.)