Types of Innovation

Innovation is the implementation and execution of ideas that enables new goods or services to come to market, or existing goods or services to improve or be enhanced. What you innovate can take place on many fronts:

  • It may be that your company innovates upon its business model: changing the way you operate. For example, Netflix moving from DVD rentals to an online streaming service.
  • You may also be undertaking market innovation: you could introduce a new idea which creates a whole new market, like the iPhone did when it created the world of smartphones. Or, you could enter a new market that your company hasn’t traditionally been a part of. Think Amazon, a humble bookstore, which is now a global marketplace, media company, cloud computing provider, and much more.
  • Perhaps product innovation is your thing: you are busy developing and offering new products and solutions to your customers, things they have never experienced before. Consider how your car may have already, or shortly will, turn from petrol to diesel to electric.  
  • And finally, you may be looking at service innovation: enhancing the offering to your customers, as is the case in banking with the digital race for the best mobile experience.

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