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8 Types of Innovation in Business: A Comprehensive Guide

Qmarkets

Radical & Disruptive Innovation On the flip side, radical and disruptive innovation challenges the status quo by introducing new concepts, products, or models that shift market dynamics. Radical innovation is about making significant leaps forward, often creating new industries or reshaping existing ones.

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We are searching for new pathways

Paul Hobcraft

Ecosystems have suddenly become of age, as they can be formed around common concepts fairly rapidly, they can enable cross-cutting innovation to be delivered in highly collaborative ways. This calls for some radical rethinking of the existing business and deciding the design of the future business.

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So Where Is Innovation Heading?

Paul Hobcraft

We are seeing blurred boundaries, digital is raising the stakes and fear of missing out, it is upping the speed at which others are competing with new concepts, ideas, and engagement with customers. Traditional methods and approaches to innovation are completely breaking down, hence my total belief we are in the new era of innovation.

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Innovation needs the power of completing the 4th Industrial Revolution

Paul Hobcraft

There are so many opportunities for innovation well beyond products and services. We can deploy new approaches, seek out new skills, engage different talent, and utilize design and digital capability to realize and leverage the power of connecting all those involved. Innovation emerges out of the Industrial 4.0 deployments.

Industry 289
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Balancing Function, Design, Process and Structure for Creative Tension

Paul Hobcraft

I would start by saying innovation should always be in “creative tension”, and as we operate and manage innovation, this tension should also apply within any design. The ability to manage innovation design, function, structure and process. Innovation needs to have a system that is constantly adaptive and flexible.

Design 130
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Knowing Your Innovation Pathway Curve – A methodology

Paul Hobcraft

When we build capability and capacity we cannot build this simply overnight, we need to systematically build this, partly depending on what you want to achieve; incremental, distinctive or radical innovation as these are a growing set of competencies to drive you up the innovation pathway.

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Innovation cannot expand without the 4th Industrial Revolution

Paul Hobcraft

There is a strategic resistance, there is a lack of organizational agility and still not the level of commitment this is required, driven from the top. We can reach far more into underserved markets through greater customer connections and engagement, we can co-design with them. The internal change is slow.

Industry 213