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As far as innovation is concerned so it is an integral part of almost every business. Entrepreneurs are usually expected to carve a new niche in the market and attract consumers in different ways so as to achieve their desired goal that may be to gain a maximum market share. Similarly, the road to a successful business is to bring new ideas in order to keep operations, products and services fresh whereas, innovation is to bring those thoughts and ideas to reality.
Now here comes a question that how could this be possible? Yes, it takes time and effort but what entrepreneurs need to do is to apply those ideas into actual product or service they are thinking to produce. Recently different types of innovation have been discussed in detail by very experienced professors. I will mention those types so that if anyone who is passionate about setting up their own business may have a clear path to do what they want and observe what is affordable within their budget and what suites them.
OPEN: This has been originated by Henry Chesbrough who is one of the very renowned professors at University of California. He believes that open innovation is applied when companies use both internal as well as external ideas in order to advance the production process. He believes that both ideas play an important role in advancement of the technology. If it’s done in a right way, it helps the potential to reduce costs, speeds up time to market, increase differentiation in the market and create new returns streams.
DISRUPTIVE: This was found by Professor, Author as well as entrepreneur Clay Christensen. This occurs when new products or services start at the bottom of the market but gradually with the passage of time they displace their competitors. This type of innovation prioritizes straightforwardness, suitability, user- friendliness and affordability. However complications are slightly are comparatively high as u r taking the product to simpler way. Examples of disruptive innovation may include refrigerator as the replacement of icebox. However, it must be kept in mind that products are not very highly encouraged at first but overtime they eventually improve the original designs and they took hold with the customers.
INCREMENTAL: This is one of the type in which companies make small changes in the products, keeping in mind the interests of consumers so that they occupy a prominent position in the market. Companies do not completely change the product for example automobile companies are consistently being updated with new features and technology.
BREAKTHROUGH: They are often developed by different research and development teams. They are the most complicate of all as they involve new technology so the risk factor is very high. Example may include a rapid change in internet and transistors.
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