Book excerpt: In the current fast-paced business environment, organizations face the challenge of managing internal innovation efforts while leveraging external expertise and resources. Traditional innovation management approaches may struggle to keep up with the rapid changes in technology and market dynamics. Organizations must master innovation while ensuring sustainability and adopting more inclusive and collaborative innovation practices. To address these challenges, the book Mastering Innovation in Business provides a comprehensive solution by delving deep into the principles and practices of open innovation. By examining the evolution of management and the dynamics of open innovation, this book equips readers with the knowledge and strategies needed to manage innovation effectively in a rapidly changing business landscape. It explores intellectual property management, metrics for measuring innovation, and cultural influences on innovation. It offers practical insights and actionable strategies for fostering a culture of innovation within organizations. Additionally, the book delves into the role of digital transformation in driving innovation. It guides how organizations can leverage digital technologies to enhance their innovation efforts.