One of the most talked about concepts in the business world today is innovation . Whether innovation is the key to success, whether innovation is spontaneous or created, in short, innovation can be done in processes, products and even philosophy.
But do we really know what this means? Do we understand its background, its foundations and styles? In this new article, we will talk about innovation. We will understand what it is and the types of innovation that exist in order to apply it correctly.
What is innovation?
Coming from the Latin verb “innovationem”, etymologically innovation means to change or renew. On the other hand, language scholars define innovation as the act of making new and significant changes to something existing in order to improve it.
The definition of innovation is not so different among the great business geniuses. For Theodore Levitt, renowned Harvard economist: “ Innovation is doing new things .” It’s that simple.
Even the great Henry Ford commented on this: “If I had asked people what they wanted, they would have said a faster horse.” This is an example of vision, as John D korea telegram data Rockefeller did when he encouraged people to seek new paths.
As you can see, innovation is not just about doing new things, but also about putting them into practice. It is also about wanting to evolve and never settling.
The importance of innovation for survival
There are countless business cases where companies fail due to not innovating or not giving importance to this issue. The same thing happens, but on the other hand, with companies that recognized the importance of innovation and succeeded with it.
Today, the market seems to be a hostile environment, as with ever-increasing competition, innovation becomes a determining factor . A company that is able to innovate not only stays relevant, but also manages to differentiate itself.
This way, you capture the attention of more people and also give them value. Remember that this factor is the one that directly affects your sales. The more value a customer receives, the more satisfied they will be, the more they will recommend you and therefore, your sales will grow.
What are the types of innovation?
Nowadays, we can find different types of innovation depending on their objectives or purposes. Here we will tell you in depth what each of these is about.
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Performance innovation
Performance innovation focuses on improving the performance of existing products or services . It seeks to optimize specific features to increase efficiency or productivity, thereby offering added value to the established market.
A perfect example is cars and trucks. With each new model, there is an attempt to innovate concepts such as safety, design or performance. The same happens with cell phones, as done by Apple or Samsung.
Incremental innovation
This type of innovation involves making gradual and constant improvements to products, services or processes. These improvements may be small, but added together they contribute to overall quality and effectiveness. All without radically altering what already exists.
Its name comes from the fact that innovation is sought gradually, little by little. In the end, this set of changes and innovations generates a snowball of improvements.
Radical innovation
Introduces deep and fundamental changes that can transform a market or create a completely new object . This type often breaks with the established and can lead to significant technological advances.
In the technology industry, the importance of radical innovation is enormous. Companies like Apple with its Vision Pro are leading this wave of this type of innovations with the aim of seeing who becomes the leader of the Tech market.
Sustainable innovation
It refers to innovations that not only seek commercial success, but also consider environmental and social impact. Sustainable innovation seeks to create solutions that are ecologically responsible and economically viable in the long term.
Changes such as those made at Kansai Airport are an example. The operating company is installing solar panels on the entire roof to generate electricity. In this way, they will supply the airport with clean energy.
Disruptive innovation
This term is used to describe innovations that displace existing technologies, products or services, creating new markets. Disruptive innovation can make what has come before obsolete due to the introduction of improved alternatives .