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What is innovation management and why your organization needs it

hackerearth

Innovation can be incremental, radical, architectural, modular, etc. In incremental innovation, a company improves or upgrades existing product, process, or service. In radical innovation, a company replaces its existing business model with an entirely new one. Google and 3M are good examples of this model.

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What is innovation management and why your organization needs it

hackerearth

Innovation can be incremental, radical, architectural, modular, etc. In incremental innovation, a company improves or upgrades existing product, process, or service. In radical innovation, a company replaces its existing business model with an entirely new one. Google and 3M are good examples of this model.

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When innovation led to a reversal of fortunes

hackerearth

The Danish toy-brick maker Lego, founded in 1932, reported its highest revenues ever in March 2017. braving new markets such as China, continuing to be a model of sustaining innovation. The company encourages open innovation via Lego Ideas. Innovation is ingrained in its organizational culture. Fingers crossed!