Innovation processes

I have looked at innovation process online and I found many different diagrams and models on this topic but it seems that the process is likely to be similar. I found that most of them are based on markets and satisfying customer needs. On the right side you can see the innovation process I took from NHS Innovation South East website. I think it is straight forward and can be applied almost everywhere.

The process itself starts from IDEA --> Market --> has it been done already --> protect/modify idea --> exploitation of idea. The process will work to plan the development of the ideas and avoid potential pitfalls, such as under-funding of new ideas , risk aversion and wrong understanding of potential market requirements.(Source: http://www.innovationssoutheast.nhs.uk/journey/)