LEVELS OF NEWNESS OF INNOVATION
(Wright, p.1)
1) Incremental innovation is unlikely to provide a dramatic change in business performance. Rather, it is merely a sequence of minor improvements to existing products to help maintain a competitive advantage.
2) Substantial innovation provides opportunities to add value as it fosters business opportunities that will most probably lead the industry and provide a competitive advantage.
3) Radical innovation creates new competitors and business models. This comes in the form of a new product, service, process, or technology.
4) Disruptive innovation disrupts an existing market and displaces previous technology.The DVD (Digital Optical Disc Storage) is an example of disruptive innovation. Prior to the advent of DVD, VCD’s were dominant in the marketplace.
DOMINANT INNOVATION
An example of this type of innovation is the QWERTY keyboard. A dominant design is one that takes over and commands the market place. It is an innovation that competitors and innovators must follow in order to stay in the market.
Now that you know the meaning of innovation, the ten different types, and the various levels, click the link below to learn about the different innovation generations:
1) Incremental innovation is unlikely to provide a dramatic change in business performance. Rather, it is merely a sequence of minor improvements to existing products to help maintain a competitive advantage.
2) Substantial innovation provides opportunities to add value as it fosters business opportunities that will most probably lead the industry and provide a competitive advantage.
3) Radical innovation creates new competitors and business models. This comes in the form of a new product, service, process, or technology.
4) Disruptive innovation disrupts an existing market and displaces previous technology.The DVD (Digital Optical Disc Storage) is an example of disruptive innovation. Prior to the advent of DVD, VCD’s were dominant in the marketplace.
DOMINANT INNOVATION
An example of this type of innovation is the QWERTY keyboard. A dominant design is one that takes over and commands the market place. It is an innovation that competitors and innovators must follow in order to stay in the market.
Now that you know the meaning of innovation, the ten different types, and the various levels, click the link below to learn about the different innovation generations: