Innovation Types
Mohanad Farouk
SAP ERP Manager @ City Edge Developments | Digital Transformation | DBA (in progress) | MBA
There are a various types of Innovation based in degree of change and area of changes as below details:
1. Based on the degree of change:
·?Radical Innovation: This involves creating entirely new products, services, or business models that disrupt existing markets.
·?Incremental Innovation: This focuses on making gradual improvements to existing products, services, or processes. It aims to enhance performance, efficiency, or user experience.
·?Disruptive Innovation: This involves introducing a new technology or business model that initially targets a niche market but eventually disrupts the mainstream market. It often challenges established industry leaders and can lead to significant market shifts.
2. Based on the area of innovation:
·?Product Innovation: This involves creating new products or significantly improving existing ones. It can focus on new features, functionalities, or designs.
·?Process Innovation: this involves improving the way products; services are created or delivered. It aims to increase efficiency, reduce costs, or enhance quality.
·?Business Model Innovation: This involves creating new business models or significantly altering existing ones. It focuses on how value is created, delivered, and captured.
Great post! It's important to note that innovation can take many forms, and it's not just about creating something completely new. Incremental innovation, where small improvements are made to existing products or processes, can also have a significant impact.