What are the types of innovation?
Product innovation
Involves the introduction of a new good or service that is new or substantially improved. This might include improvements in functional characteristics, technical abilities, ease of use, or any other dimension.
Business model innovation
Involves changing the way business is done in terms of capturing value
Marketing innovation
The development of new marketing methods with improvement in product design or packaging, product promotion or pricing.
Organizational innovation
Involves the creation or alteration of business structures, practices, and models, and may therefore include process, marketing and business model innovation.
Process innovation
Involves the implementation of a new or significantly improved production or delivery method.
Service innovation
Refers to service product innovation which might be, compared to goods product innovation or process innovation, relatively less involving technological advance but more interactive and information-intensive. This type of innovation can be found both in manufacturing and service.
Supply chain innovation
Where innovations occur in the sourcing of input products from suppliers and the delivery of output products to customers
Substantial innovation
Introducing a different product or service within the same line, such as the movement of a candle company into marketing the electric light globe