An Online Innovation MBA can be the perfect fit for business professionals wanting more from their careers. While financial stability and professional longevity are important, great ideas that are now commonplace in society started because innovators refused to accept the status quo and instead chose to push the envelope of technology and business practices.

The best and the brightest in business leadership are able to fuse groundbreaking ideas with resources and technology to build and sustain creative and innovative organizations. This will call on cross-functional, interdisciplinary collaboration and teamwork to keep an organization viable in corporate innovation.

The crux of innovation management resides within teams that are able to create cost-effective manufacturing, practical function, attractive design, and bottom-line value. These qualities are also some of the business world’s biggest challenges. Ideas thrive when many minds are invested in many disciplines. The key driver for the success of business innovation will always be effective management.

A graduate degree in innovation will consist of a curriculum designed to offer practical training in product development. Students interested in this type of education should seek out a business school with a diverse network of innovators who can provide the integrated skills and perspectives needed to conceive, design, launch, and manage innovation on a cross-functional team. Students interested in product and project management will be especially inspired by an online Innovation MBA. The courses included within this specialization will cover understanding market needs, the development process, commercialization, and how to transform market needs into viable products and services.

Organizations of all types and sizes will benefit greatly by staffing innovation managers to solve problems in modern business. With a format like online education, business leaders can start learning more about this exciting field by researching online MBA degrees offered by some of the nation’s most respected business schools. Here are the best Online Innovation MBA Degrees.

Methodology

Innovators are professionals with a full plate. While juggling all the hats of a new venture, a full-time job, and personal commitments, prospective students might not be able to research all 550 distance MBA degrees available to them. To aid students in their search, almost 550 online and hybrid MBA programs were analyzed and ranked by MBA Central. This ranking list of Online Innovation MBA programs is based on data for Quality of Classes (33%), Affordability (33%), and Distance Learning Support Services (33%). Each school also receives an Affordability Score based upon their total base tuition rate. Affordability Score ranges are:

Very Affordable: under $15,000
Affordable: between $15,000 and $20,000
Average: between $20,000 and $30,000
Above Average: between $30,000 and $50,000
Expensive: between $50,000 and $100,000
Very Expensive: above $100,000

Best Online MBA Programs Offering Innovation Management

#1 University of Texas at Dallas Naveen Jindal School of Management – Richardson, Texas

An online Master’s of Business Administration with a specialization in Innovation & Entrepreneurship is provided by the Naveen Jindal School of Management at the University of Texas at Dallas. Other stellar emphases associated with this degree include Systems Engineering & Management, Accounting, Business Analytics, Supply Chain Management, Energy Management, Finance, Strategic Management, Healthcare Leadership and Management, Information Technology Management, Internal Audit, International Management, Leadership in Organizations, Marketing, and Real Estate. For less than $40,000 in tuition a distance learner can complete this excellent 53-credit hour program. The business school at UT at Dallas has many special accolades including U.S. News & World Report’s awarding it the 24th spot for excellent support services among schools in the nation. The ranking entity also awards this online MBA as the 6th best in the country. The Princeton Review calls this one a #12 distance degree in America and Quacquarelli Symonds gives it its #22 spot among programs in the world.

All 53-credit hours of this degree, which includes 23 elective hours and 30 core credits, can be completed online. No campus visits means being able to save time and money with no travel time factored into the degree. Students interested in gaining exposure to faculty and fellow students are welcomed to attend some courses on the school’s campus in Richardson, Texas, near Dallas. The school opened its doors in 1969 when the campus was signed over to the state of Texas, and the campus became a part of the University of Texas System. UTD upholds the school motto of “Education, the Guardian of Society.” The business school at UT Dallas is accredited by the AACSB-International.

Accreditation: AACSB, Southern Association of Colleges and Schools, Commission on Colleges
Affordability Score: Above Average

#2 North Carolina State University Poole College of Management – Raleigh, North Carolina

The Poole College of Management at North Carolina State University delivers an online Master’s of Business Administration with an emphasis in Innovation Management. BioSciences Management, Financial Management, Technology Entrepreneurship and Commercialization, Marketing Management, and Supply Chain Management are other specializations offered by the business school. The business school’s professional online MBA delivers the best, proven technologies to aid in connecting distance learners with instructors, fellow students, and guest speakers. Most courses are delivered in an asynchronous format while online classes are taught through online, video presentations, and podcasts. Group projects and discussions are a big part of the degree’s curriculum stressing the importance of virtual teams. Program instructors keep office hours through a virtual collaborative space, online chat, phone, and email.

There are two three-day residencies associated with this MBA in Innovation Management held at North Carolina State University’s Raleigh, NC campus. These required campus visits offer distance learners a valuable time of connecting with staff and other students who will surely be a valuable network in the future. Military personnel in active duty can waive this requirement and simply add elective courses to their degree programs. The business school features two times to start this program each year allowing students an important convenience. The timeframe for completing this degree in Innovation Management is between 21 months for those wanting an accelerated experience, and six years for those needing more flexibility in their schedules. This online MBA is one of the most recognized degrees in our listing with a ranking as one of the nation’s best by U.S. News & World Report and The Princeton Review. Financial Times and Quacquarelli Symonds have also awarded the business school with a spot as offering one of the best online MBAs on the planet.

Accreditation: AACSB, Southern Association of Colleges and Schools, Commission on Colleges
Affordability Score: Above Average

#3 Florida International University Chapman Graduate School of Business – Miami, Florida

Florida International University delivers an Entrepreneurship and Innovation-intensive online Master’s of Business Administration at the Chapman Graduate School of Business. Finance, Strategic Negotiations, International Business, Healthcare, Marketing Channel Strategy, and Business Analytics are other concentrations offered by the business school. The business school’s Professional Online MBA is a fast-paced, rigorous program for working professionals driven to take their careers to new levels. FIU has a solid reputation for excellent leadership in business education and features a top-notch faculty. The online PMBA is a perfect fit for professionals looking to gain credentials to advance and enhance a particular area of leadership expertise. With a 100% online structure, distance learners have the flexibility to study when and where they need to at their own pace. Business school students are eligible for Florida International University scholarship of up to $15,000 in tuition aid.

The AACSB-International accredits FIU’s Chapman Graduate School of Business while Florida International University is regionally accredited by the Southern Association of Colleges and Schools, Commission on Colleges. Quacquarelli Symonds, Financial Times, and U.S. News & World Report all hold the university’s business school in high regards as one of the very best places to pursue an online MBA. The school’s exemplary support services have also been showcased by U.S. News enough to rank the school at #78 among the nation’s best. The university was founded in 1965 in Miami and today provides two-year associates through doctoral programs to the 56,718 students enrolled there.

Accreditation: AACSB, Southern Association of Colleges and Schools, Commission on Colleges
Affordability Score: Above Average

#4 Clarion University College of Business Administration and Information Sciences – Clarion, Pennsylvania

An online MBA in Innovation and Entrepreneurship is featured at Clarion University’s College of Business Administration and Information Sciences. Accounting, Nonprofit Business, Finance, and Healthcare may also be pursued as specializations within this online MBA. Innovation in business is to change, revolutionize, transform, and break through to provide new ideas, products, methods, and create an impact in the global marketplace. This online MBA in Innovation and Entrepreneurship will offer those who want to learn how to be creative and become more innovative the chance to excel in these areas. Earning this focus will prepare students for careers in new innovations, entrepreneurship, venture capital, and similar fields of business. The importance of grasping the key components of innovation and entrepreneurship is crucial to job creation in our modern economy. The business school had written this curriculum to help students recognize market potential, analyze and evaluate consumer needs, and repurpose those needs into new business ventures. MBA students will understand the unique issues facing new businesses. These problems may look like surviving with limited resources, finding financial capital, scaling after start-up, managing day-to-day operations, and understanding exit strategies. This 30-credit hour distance degree will prepare graduates with the skills needed to launch their new ventures. The program is offered 100% online.

Leadership and Organization, Strategic Management/Business Policy, Quantitative Analysis, Operations Management and Information Systems, Marketing Decision Making, Economics, Finance, and Marketing Decision Making are the core courses included in this affordable 33-credit hour program. The specialized courses specific to Innovation and Entrepreneurship include Entrepreneurial Enterprise Sustainability, Innovation and Entrepreneurship, and Special Problems: Entrepreneurial Practicum.

Accreditation: AACSB, MSCHE
Affordability Score: Affordable

#5 University of New Hampshire Peter T. Paul College of Business and Economics – Durham, New Hampshire

An online Master’s of Business Administration with a concentration in Growth & Innovation is delivered at Peter T. Paul College of Business and Economics at the University of New Hampshire. Finance, Hospitality Management, Information Systems & Business Analytics, Marketing, and Global Business are also offered as specializations. The business school understands that distance learners are eager to advance their careers and have their sights set on a powerful and dynamic online MBA. This program is a great investment and will help business leaders develop the crucial knowledge and skills needed to shift career paths, advance in a current organization, or re-enter the workforce after retirement. Working professionals and adults with multiple responsibilities demand flexibility. The online MBA program at UNH’s Paul College is formatted with flexible delivery of coursework. Classes can be taken completely online, during evening classes at UNH’s Durham or Manchester campuses, or as a hybrid experience through a combination of both. The same qualified professors teach through both avenues.

The business school’s Growth and Innovation concentration offers the distance learner skills, knowledge, and an entrepreneurial mindset that will be an asset in smaller, newer organizations and in larger, more-established companies. They will be competent in driving organizational change, growth, and innovation. The AACSB-International accredits the Peter T. Paul College of Business and Economics just as the New England Commission of Higher Education grants the University of New Hampshire its regional accreditation. UNH is home of the Wildcats and currently serves 15,363 students with degree plans ranging from associate degrees to doctorates.

Accreditation: AACSB, New England Commission of Higher Education
Affordability Score: Above Average

Why is innovation important?

Innovation is not just a current buzzword or fad; it has been the driving force of society for a long time. People have been reaching across boundaries, finding and creating new things, and driving the course of humanity forward. Physical barriers that started out as mountains to climb and oceans to cross are now moons to reach and stars to find, but innovation does not stop there. Innovation reaches into every part of a venture, mechanical, technological, and societal. Markers of great innovations can be easily found in history because it causes a dynamic reaction in the fabric of our lives. The innovation of electricity was a huge catalyst. The introduction of the telephone created changes in our personal lives and our businesses, and still aids innovation today.

Innovation creates markets and opportunities for growth and revenue in a company and society as a whole. Like the telephone, many significant innovations give birth to others, creating a domino effect. One organization that thrives on innovation is NASA. NASA and the Johnson Space Center has to develop systems, technologies, and products that have never been thought of before in order to do things beyond what has ever been imagined. Through this culture of innovation, they have created products and systems that ripple out beyond space exploration. Their innovations have affected construction materials, firefighting, cardiology, aviation, food preparation, and technology. But NASA is not the only company that thrives on innovation. Some of the most innovative companies today include Salesforce, Tesla, Amazon, Netflix, Facebook, and Monster Beverages. Companies that are able to create a culture of innovation like this are those that will feel the effects far into the future.

Business managers can use the ideology of innovation to generate creativity and new ventures within their organization. By encouraging communication, new ideas, and creative problem solving, a manager can create a culture where innovation is normative and a consistent driver of new things. This can look different ways. Business innovation might be the creation of a new product line or a different organizational system. What is certain, is that a manager that encourages innovation can be an essential asset to any company.

Innovation is also the currency of entrepreneurship. Entrepreneurs find gaps between societal needs and the products and services available to them. They shoulder risks in order to gain substantial rewards. They are usually flexible, creative problem solvers, and hard workers. They are not afraid of change and push boundaries. Entrepreneurs are great starting new solo ventures as well as important members of large organizations.

What will an Online Innovation MBA degree entail?

Professionals interested in researching more about innovation and business can pursue an exciting Online Innovation MBA degree. This flexible degree is an excellent choice for busy professionals already working on creative business ideas and ventures. Many students pursue this degree on a part-time schedule, which can allow them to graduate in two or more years depending on their needs. Some students can also pursue a full-time or accelerated format which can get them through a degree in 12 to 18 months.

To start, students in an Online Innovation MBA will cover core foundational business topics in economics, finance, business law, marketing, statistics, and accounting. Because innovation can be birthed in any field of study and has the potential to affect every field of study, it is important for innovators to have a basic grasp of these topics. Beyond core classes, students will then get to dive into the specialization, concentration, or certificate classes devoted to innovation on the macro and micro scale. Topics in these classes could include Consumer Behavior, Entrepreneurship & Innovation, Leading Organizational Change, Entrepreneurial Enterprise Sustainability, Product and Brand Management, and Innovation and Strategic Design.

Can an Online Innovation MBA degree help entrepreneurs?

One great attribute of an Online Innovation MBA is that it is particularly developed in a way that greatly benefits entrepreneurs. The intrinsic flexible nature of an online MBA gives freedom to busy professionals. It is common for entrepreneurs to work a full-time job while also building their new business venture, which means flexibility and accessibility are key.

It is also common that a new business venture might be birthed out of an entrepreneur’s personal skill or talent. These multi-tasking and multi-talented entrepreneurs usually need to act as the swiss army knife of their business. They will be responsible for their IT, marketing, design, accounting, and more. This means that most entrepreneurs could use the knowledge and skills of the business foundations courses found in an MBA program.

Any business person will tell you that cash flow is the name of the game in business. Entrepreneurs need to be able to understand accounting and finance to be able to manage their cash flow. They also need to be able to create business plans and pitches with sound finances in order to entice possible investors. An Online Innovation MBA can help professionals in each of these areas.

Online MBA programs are also very socially driven within the peer network of each course. Online interaction from individuals all over the world and in every area of business are at the touch of a button. This built-in sounding board can be a great benefit to entrepreneurs flushing out problems and opportunities in their new venture. Many programs even built on a cohort model, giving the students close professional networks by the end of the program. There are a lot of opportunities and challenges for entrepreneurs and innovators, and an online MBA can help them on their exciting path.