How can social media influence innovation?

This research focuses on explaining the relevance of social media and innovation process within companies. The main scope of this paper is to explain the different types and platforms of social media, how they can be of an importance to companies & businesses and to explain in details which aspects of the Innovation process could be influenced by social media. In order to develop a deeper understanding, an interview with Chief Innovation Officer Dr. Marcell Vollmer was conducted, followed by a mini case study and market research to test the validity of the information received. Several factors can work as a barrier on the way of utilizing social media networks for business purposes as well as current and future challenges, what they are and what their possible outcomes are, are discussed in details in this paper