Types of Innovation

7. Open Innovation – In order to co-create and develop new goods, service, and solutions,
businesses and organizations can work with external partners including suppliers, customers, and
other stakeholders.

Ex. The LEGO ideas program, which allows fans of the brand to submit their own ideas for new
set.
- The design are then voted on by the community and those that receive enough support are
considered for production as official LEGO sets.

8. Sustainable Innovation – refers to the development of new products, services, or processes that
have a positive impact on the environment, society, and the economy.

Ex. The creation of electric vehicles ( EVs ) is one instance of sustainable innovation ( EVs )
are made to burn less fossil fuels, thereby lowering air pollution and greenhouse gas emissions.

-;Renewable energy technologies: the development and implementation of technology

innovations such as solar power, wind power, hydro-power and other CV lean energy sources to
reduce dependence on fossil fuels and mitigate climate change.

9. Social innovation – involves developing new ideas, concepts, and initiatives to address social
issues and improve the well-being of communities.

Ex. For those without access to regular banking services, microfinance companies offer small
loans and other financial service.

- include building green energy sources, creating housing subsidies for those in need or designing
microloan programs to empower.

- can also be applied to areas such as education and healthcare ultimately, it is about finding
innovative ways to improve people's lives everywhere.

10. Digital Innovation – refers to the use of new technologies to create novel solutions, products, or
services that improve efficiency, effectiveness, or user experience.

Ex. Companies like bank of America and Expedia have implemented AI chatbots to provide
instant responses to customer inquiries, handle basic tasks, and streamline customer service
processes.

- Blockbuster's failure to Capitalize on video streaming when competing with the new arrival of
Netflix is what many cite as the reason behind it's downfall as a company

11. Technology Innovation – refers to the development and application of new technologies to create
breakthrough products, services, or processes that drive economic growth and improve quality of
life.

Ex. Blockchain is a decentralized, distributed ledger technology that securely records and verifies
transactions across a network of computers.

- is a new or improved product or process whose technological characteristics are significantly

different from before.
12. Computing Innovation – refers to the development of new technologies, methodologies, or
approaches in the field of computer science that advance the capabilities and applications
computing systems.

Ex. Cloud computing allows users to access and use computing resources ( such as processing
power, storage, and applications) over the internet, on-demand, and pay only for what they use.

-such as mobile applications cloud computing platforms, and Internet of things ( lot) devices have
transformed the way businesses operate, interact with customers, and manage their operations.