Over the last years, Artificial Intelligence (AI) emerged as central technology for all areas of life. For instance, computer vision enabled Tesla`s autonomous vehicles and natural language processing set the foundation for Amazon`s smart assistants. However, AI reshapes not only innovation outcomes, but also innovation processes. For example, AI holds the potential to support problem exploration, problem selection, solution exploration and solution selection. This Scientific Exchange aims to explore AI for industrial product, service and innovation management in the Machine, Electrical and Metal (MEM) industry. Using a three-tiered, multi-method research process, expected outcomes are (1) scientific results as base for quality publications and (2) an AI Innovation Toolbox supporting the industrial implementation. We contribute to the academic streams of Innovation Management and AI, and also help to make innovation processes in the industrial sector more efficient and effective.