Types of Innovation

Disruptive innovation is when a product or service is more affordable, more accessible, and often better performing than existing offerings, so market leaders take their position in the market and transform the industry.

Competition in the market, high speed of globalization, increasing customer requirements and developments in technology lead companies to apply innovation in their production processes.

Social innovation is finding a solution to a social need of society in a better way than existing solutions. Solutions often require the active collaboration of government, private sector and nonprofit organizations.

Business model innovation is about creating new ways of doing business or strategically diversifying your business in a way that is valued by customers and earns you more money.

Product innovation is a type of innovation that represents solving a problem with a large number of consumers with a new product. Product innovation is divided into radical and progressive.

Open innovation is an approach adopted by many large companies in the world today, advocating the collaborative development and joint commercialization of innovative ideas without using limited resources.