Innovation

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Innovation by Mind Map: Innovation

1. Incremental: small, gradual improvements to an existing product or service. Improvements can lead to a significant leap forward to become a radical innovation.

2. Radical: where there is a marked difference between the existing and new product or service. This can relate to advances in technology or the workplace moving in a different direction

3. Sustaining: establishes the organisation's place in the market by building on a previous version of a product or service eg a new version of a phone leading to new sales of an existing, yet improved product.

4. Disruptive: where the market place is significantly changed. It is revolutionary - a real game changer. Customer expectations are changed eg an expensive item that only the rich could afford becomes affordable for the general population.

4.1. Some examples: smart phones, tvs, tablets, tap payment solutions, cloud infrastructure, AI, Netflix, Uber, 3D printers, LiFi.