TYPES OF INNOVATION

INNOVATION

The process of translating an idea or invention into a good or service that

creates value or for which customers will pay.

Innovation in its modern meaning is a "new idea, creative thoughts, new

imaginations in form of device or method". Innovation is often also viewed as
the application of better solutions that meet new requirements,
 TYPES

Incremental Innovation
Incremental Innovation is the most common form of innovation. It utilizes
your existing technology and increases value to the customer (features, design
changes, etc.) within your existing market. Almost all companies engage in
incremental innovation in one form or another.

Ex:- adding new features to existing products or services

 RADICAL INNOVATION

•Radical innovation is what we think of mostly when considering innovation

It gives birth to new industries and creating revolutionary technology.

Ex:-
 DISRUPTIVE INNOVATION

•Disruptive innovation is also known as stealth innovation

•It involves applying new technology or process to company’s current

Market.

•It is stealthy in nature since newer tech will often be inferior to

existing market technology
 ARCHITECTURAL INNOVATION

Architectural innovation refers to innovation in the architecture of a

Product that modifies or changes the way different components of system
interact or link which each other.
Thank you