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8 Types of Innovation in Business: A Comprehensive Guide

Qmarkets

Every successful company has one thing in common: a deep-seated commitment to innovation. Innovation isn’t just about the next big idea; it’s a multifaceted strategy that businesses employ to navigate through the twists and turns of today’s dynamic markets.

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Building Capacity for Breakthrough Innovation

Innov8rs

Innov8rs | Breakthrough innovations are characterized by their ability to disrupt or redefine the competitive landscape, often rendering existing solutions obsolete. They represent a radical departure from existing products, services, or processes, paving the way for new markets, industries, and value networks.

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Discontinuous Innovation: Transforming Industries & Creating New Markets

Qmarkets

The power of discontinuous innovation lies in its ability to transform not just business operations but also market landscapes, offering immense opportunities for companies that dare to lead the charge. This concept, often used interchangeably with radical and disruptive innovation, has nuances worth understanding.

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Treat Your Innovation Pipeline just like your Sales Pipeline

Destination Innovation

Managing the Sales pipeline is a well-developed executive skill in any company selling large ticket items to business customers. Who is the competition? What additional resources are needed to win the deal? They contribute ideas and resources to help close sales. Does the customer need our product? What is the timescale?

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Two strategic approaches to innovation: incremental vs radical

The BMI Lab Blog

Incremental innovation This is a common approach in many established companies, which focus on creating new products and services, with several goals: To grow sales and profits for existing products and services. This approach is very popular because it reduces the risk that radical innovation usually takes.

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What do we expect from Innovation? Mostly disappointment

Paul Hobcraft

Much of the innovation discovery journey is a disappointing one. Resources constantly “churn” and get depleted, waiting for others to be brought up to speed. Those not involved directly within the innovation project constantly remain skeptical or require more proof. A hunch or insight becomes a dead end.

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The core principles of Leading FOR Innovation

Cris Beswick

At the helm of this radical evolution stand leaders who are pioneers, visionaries, and, most importantly, adept at catalysing novel ideas into reality. Leaders who champion innovation understand its role in driving competitive advantage, increasing market share, and, often, creating entirely new markets.