What Type of Innovation Should You Use for Your Next Initiative?
What Type of Innovation Should You Use for Your Next Initiative?
As an innovation manager, my main challenge is:
My company's main motivation for innovation is:
My innovation team can best be described as:
Identifying problems is the cornerstone of successful corporate innovation strategies.
As an innovation manager, I strive to:
Incremental Innovation
Incremental Innovation
Incremental innovation carries relatively low risk, which is why 78% of companies focus their efforts on this type of innovation. Keep in mind, though, that practicing only incremental innovation can mean continuously chasing the latest trends rather than setting them.
Focus on your customers to excel in incremental innovation. Think about their experience with your company and your product to identify where their pain points might be, and what problems you can solve with innovation.
Check out our Resource Center to learn how to put this into action.
Transformational Innovation
Transformational Innovation
When most people think of innovation, they picture transformational innovation. This kind of innovation influences the way the entire world lives and works with one-in-a-million ideas that have the potential to completely transform, create or eliminate industries.
Transformational innovation, which shoots for long-term results, is high risk and high reward.
The biggest advantage is the opportunity to make a broad impact that can reshape the entire market landscape. This kind of innovation increases sales with new market exposure, new revenue streams and improved processes.
Check out our Resource Center to learn how to put this into action.
Adjacent Innovation
Adjacent Innovation
Adjacent innovation involves entering a new market and connecting with a new audience by leveraging something the company already does well. The biggest advantage of this approach is that there is little risk involved.
To reach new audiences, the company re-shapes its existing offering and partners with new technology solutions to serve the needs and expectations of new users. Experts recommend that companies allocate 20% of their innovation efforts to adjacent innovation.
To excel in adjacent innovation, identify exactly what your product or service does for customers. Taking a step back to understand your core value can help you think beyond the confines of your existing industry and pursue adjacent innovation.
Check out our Resource Center to learn how to put this into action.