Free Course: What is Innovation?
Common terms for the impact of innovation:
» Incremental Innovation - Relatively small and easily achievable changes.
» Radical Innovation - Big unique changes, or a completely new product or service.
» Disruptive Innovation - Successful radical innovations that have a huge impact and are widely adopted.
Levels of innovation:
» Level 1: Departmental innovation - New "innovative changes" made to a department.
» Level 2: Organisational innovation - Similar to departmental innovation but across all departments.
» Level 3: Incremental product or service innovation - A new version of a product or service.
» Level 4: New product or service innovation - A new product / service that implements a new concept - high level innovation. For example, the first release of a product type (the first car, aeroplane, or spaceship).
Benefits of Innovation:
» Major improvements in efficiency and effectiveness (e.g. lower costs, faster delivery, better quality, enhanced functionality, and customer satisfaction).
» Development of new markets and unique opportunities.
» Creation of your unique selling point.
» A real competitive advantage.
» New solutions to age old problems.
» Improvement in the quality of life.
» Success and survival!
Areas that benefit from innovation:
» business, the economy,
» information, communications, intelligence,
» society, health, wellbeing, pleasure and leisure, longevity,
» agriculture, the environment, climate change, energy generation, sustainability,
» space exploration, and the long-term survival of our species.
Risks of ignoring innovation...
If you fail to adopt the benefits of innovation then your competitiveness could dwindle, your old unique selling point may become irrelevant, and your business may fail. History is littered with businesses that have failed because they did not innovate, even large multinational corporations have failed for this reason.
With innovation, anything is possible...