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Types of Innovation
- Innovation renews a domain, product, or service by applying new processes, techniques, or ideas to create value.
- ISO defines innovation as “realizing or redistributing value”.
- Companies release new products yearly with fresh features, designs or technology.
Innovation Categories
- Product innovation involves approaching existing ideas or products from new perspectives to improve them.
- Process innovation streamlines how a product/service is created and delivered.
- Business model innovation reinvents how a company makes money.
Examples of Innovation
- By exploring quantum computing, CRISPR-Cas9, and IoT we gain insight into human ingenuity’s power.
- Concept stores reduce waste using digital packaging.
- Startups turn carbon footprints into investments.
- When engine-powered mowers were introduced, people had new lawn mowing options beyond manual ones, making mowing less manual.
