Types of Innovation
Several Types on Many Fronts
Key Topics Covered in This Chapter
- Incremental and radical innovation
- Why incremental innovation dominates
- Innovation in processes and services
THE MEANING OF innovation is revealed by its Latin root, nova, or new. It is generally understood as the introduction of a new thing or method. Here’s a more elaborate definition: innovation is the embodiment, combination, and/or synthesis of knowledge in original, relevant, valued new products, processes, or services.
However you define it, innovation takes a number of forms. This chapter will acquaint you with each and help you see how they can help or challenge your business.
Incremental and Radical Innovation
Innovation scholars generally point ...