Simply put, without innovation it would be difficult to make progress. Organisation and society would stagnate. Innovation is what drives us forward. It's what forces us to compete. It's what that leads to better products and services and solution to new and existing solutions.
Four key types of innovation:
- Incremental Innovation: Innovate step by step. It focuses on existing markets and technologies and aims to make improvements and design changes to existing products and services.
- Disruptive Innovation: It aims to bring new ideas, like technology and processes, to existing markets. In that sense, the innovations will disrupt the market and the companies currently in the market. The first touchscreen phone disrupted the mobile phone industry and up to then, mobiles phones had buttons and keypads.
- Architectural Innovation: It involves taking successful ideas from one market or industry and applying them to new or different market. this often happens when people think of other unconventional uses of existing technology.
- Radical Innovation: This is where completely new idea is created for a market that doesn't exist yet. It's often what we think of when we think of innovation and it often swallows up existing markets. Thanks to chat internet, we can do chatting face to face although far away.
Five key Stages of Innovation:
- Idea generation
- Support for the ideas from senior leaders or various stakeholders
- Experiment and test out the ideas
- Evaluate the idea
- Implement the idea
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