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8 Types of Innovation in Business: A Comprehensive Guide

Qmarkets

In this guide, we’re unpacking eight critical types of innovation that businesses leverage to carve out their niches, disrupt markets, and write their success stories. Radical innovation is about making significant leaps forward, often creating new industries or reshaping existing ones.

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Has innovation changed over the last ten years?

Paul Hobcraft

From incremental to radical : Innovation used to be seen as an incremental process where organizations improved their existing products, services, or processes by making small changes. Disruptive innovation is the creation of a new value proposition that displaces existing ones 2.

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What do we expect from Innovation? Mostly disappointment

Paul Hobcraft

Those not involved directly within the innovation project constantly remain skeptical or require more proof. When they are constantly scanning reports on the “state of innovation” it can often lull them, to give some that warm glow, others quickly being dismissive, disregarding many of the key messages as “not applicable to me”.

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So Where Is Innovation Heading?

Paul Hobcraft

To finish BCG provided this visual to outline the processes and cultures that can govern disruptive and radical innovation projects, as digital innovation transformation is certainly that. The road you take will decide where innovation is heading for you.

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PESTLED360: Iron Out Key Driving Forces in Your Current Environment and Anticipate Future Ones

Innovation 360 Group

A great example of disruption across industries is the way Uber instantly went from disrupting the taxi industry to holding a dominant position in the food delivery industry, rising rapidly to handle 10 billion dollars US worth of business and devouring market share from rivals Postmates, Caviar, and DoorDash.

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Mitigating risk with a balanced innovation portfolio

Innovation 360 Group

Assume that you have a number of projects that you want to execute, and you have a number of resources that can be used to execute them (resources such as innovation managers, or programmers). If the resources can be organized so all projects can be optimally executed without any interdependencies (i.e.,

Project 52
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Official Launch of the PESTLED360

Innovation 360 Group

A great example of disruption across industries is the way Uber instantly went from disrupting the taxi industry to holding a dominant position in the food delivery industry, rising rapidly to handle 10 billion dollars US worth of business and devouring market share from rivals Postmates, Caviar, and DoorDash. The PESTLED Application.