Managing innovation programs in large organizations requires avoiding common mistakes. The document outlines a five phase approach: 1) Initiation requires determining an innovation strategy and themes. 2) Planning establishes a life cycle with timelines. 3) Execution involves generating ideas across themes, prioritizing using financial and non-financial metrics, and using dedicated teams. 4) Monitoring uses critical metrics and corrective actions. 5) Closing celebrates successes, documents learnings, and looks to the next innovation cycle. Large organizations must avoid strategy, structure, process, and skill traps that inhibit innovation by focusing too narrowly, using rigid BAU approaches, and lacking flexibility. Dedicated teams and separate organizations may be needed to successfully commercialize new ideas