Technological advancement and demand for economic growth are driving product innovation in the construction industry. However there is concern that the industry lacks the mechanisms to effectively implement new products. Recent studies have developed a method for identifying and evaluating the risks which impact on new technology adoption and two constructs were generated for improving implementation rates. The aim is to investigate whether the constructs can be integrated to develop a practical tool for use by project stakeholders desirous to generate innovation. Process modelling, statistical analysis and failure mode and effect analysis are used to align the constructs into a test model (TM). Three rounds of Delphi gain a consensus on the TM outputs and the results produce the innovation management model (IMM). The IMM is a simple process flowchart which establishes the prioritized sequence of stakeholder activities required to implement a new technology at key stages in the project process. The IMM has implications for selection of procurement methods and will instil confidence in stakeholders to adopt new technologies. Additionally it provides a risk-based approach for stakeholder competency mapping and for sustaining product innovation in construction projects.