Innovation - Unit 1 takeaways
What is innovation?
- introduction of something new... a new idea, method or device... a new product, service or process.
- is a catalyst for economic growth
- used to turn ideas/products (coming from inventions) into money
2 types of innovation:
- Incremental : small. happens over time.
- Radical : big. happens once dramatically.
3 pillars of innovation:
- Market Skills
4 dimensions of innovation:
Product (& Services) : change in the offering that an organisation presents to the market
Process : change in how a product is delivered to the market or behaves or is used in the market
Position : change in the market group or niche that a company caters to
Business model : elemental change in one of the fundamental business components to create or appropriate value to the market