Innovation is an investment in your future financial health. Many researchers think that balancing your innovation into the following three categories is the best way to do it.
Innovations which are an adaptation or incremental change to an existing situation, service, or product. These innovations lead to small improvements to existing products.
Innovations which provide crucial changes to the competitive market that incremental innovations cannot. This type of innovation usually requires some degree of change in business model and technology.
Innovations which offer significant change that affects the business model and technology of a company. They usually bring fundamental changes to the competitive environment of an industry.
Question to ponder: Where is your organization or group placing the most emphasis? Is it effective? Or can it be improved?
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