Innovation is a broad and constantly evolving field. Here we present the 10 most common terms that you should know:
Disruptive innovation: Refers to an innovation that creates a new market and eventually displaces an existing market.
Incremental innovation: It is a series of continuous improvements in existing products, services or processes.
Radical innovation: Involves a drastic change in products, services or processes, often creating new markets.
Open innovation: It is an approach in which organizations seek innovative ideas outside their own borders.
Closed innovation: It is the opposite of open innovation. Organizations depend on their own internal resources for innovation.
Product innovation: Refers to the introduction of a new or significantly improved product.
Process innovation: Involves the implementation of a new or significantly improved production or delivery process.
Business model innovation: The creation or adaptation of business models to create value in new ways.
Social innovation: Refers to new strategies, concepts and ideas that meet social needs and create new social relationships or collaborations.
Innovation ecosystem: A network of interconnections between individuals, companies or organizations that fosters collaboration and innovation.
These terms are just the tip of the iceberg in the field of innovation. Each of them has its own set of practices, challenges and opportunities.
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