There is a growing consensus around the transformative and innovative power of Artificial Intelligence (AI) technology. AI will transform which products are launched and how new business models will be developed to support them. Despite this, little research exists today that systematically explores how AI will change and support various aspects of innovation management. To address this question, this article proposes a holistic, multi-dimensional AI maturity model that describes the essential conditions and capabilities necessary to integrate AI into current systems, and guides organisations on their journey to AI maturity. It explores how various elements of the innovation management system can be enabled by AI at different maturity stages. Two key experimentation stages are identified, 1) an initial stage that focuses on optimisation and incremental innovation, and 2) a higher maturity stage where AI becomes an enabler of radical innovation. We conclude that AI technologies can be applied to democratise and distribute innovation across organisations.