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Jul 15, 2023 · Innovation is defined as the process of bringing about new ideas, methods, products, services, or solutions that have a significant positive impact and value. It involves transforming creative concepts into tangible outcomes that improve efficiency, and effectiveness, or address unmet needs.
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Mar 16, 2024 · The definition of innovation stretches far beyond the mere introduction of new products; it encompasses a spectrum of practices from incremental improvements to radical, disruptive innovations that redefine industry landscapes.
- Product innovation. Product innovation is arguably the most well-known form of innovation. It is the development or improvement of new products to solve problems, improve sustainability, or enhance the quality of life for those who use them.
- Process innovation. Making enhancements to methods or procedures is known as process innovation. This type of innovation aims to increase efficiency and quality while reducing the costs of production.
- Disruptive innovation. Disruptive innovation enables products or services at the bottom of the market — those which are cheaper and more accessible to the general population — to move up the value chain, taking market value away from competitors.
- Continuous innovation. Companies that make small, consistent, and low-cost improvements to products or services undergo continuous innovation. Through these enhancements, businesses can evolve their offerings, giving them a competitive advantage.
- Diana Porumboiu
- Innovation mapping. What is about: Innovation mapping is a method that paints a general picture of the innovation landscape. Through this method we look at the sources of previous innovations and we map the origin of those ideas, whether they were successful or not.
- Hackathons. What is about: Hackathons are time-bound events that bring together a large number of people to develop a solution to a main challenge. Standard hackathons run for a short period of time and their final goal can be to solve a problem, build a prototype or research a new service.
- Design Thinking. What is about: Even though it’s not a new concept, in recent years there’s been a big hype around design thinking. Many companies are now using it to boost their innovation efforts.
- (Design) Sprint. What is about: Design sprints refer to a problem-solving, actionable framework derived from design thinking. Design sprints were first born at Google more than 10 years ago and to this day they are still used as a method to create and innovate.
Jul 15, 2023 · Technology innovation is defined as the creation and application of new or improved technologies, tools, systems, and processes that bring about significant advancements or breakthroughs in various fields. Learn more about technology innovation with examples and strategic management best practices.
Innovation techniques are structured methods to generate and implement novel ideas in pursuit of solving problems or seizing opportunities. More Innovation Glossaries. Evaluation: Assessing a project or idea's value, impact, and effectiveness to inform decisions and improve outcomes.
McKinsey Explainers. What is innovation? Innovation is the systematic practice of developing and marketing breakthrough products and services for adoption by customers. August 2022. When you think of innovation, what springs to mind? Maybe it’s a flashy new gadget—but don’t be mistaken.
