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Innovation generally refers to changing or creating more effective
processes, products and ideas, and can increase the likelihood of a
business succeeding.
Innovation is about introducing change into relatively stable systems.
Innovation can be a catalyst for the growth and success of your business,
and help you adapt and grow in the marketplace.

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Different Types of Innovations:Product Innovation

New things that you can sell to customers.
Aim to solve an unmet customer needs.
Increases revenue.

Flashlight without batteries

Biolite Camping

Laser Keyboard
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Different Types of Innovations:Process Innovation

Doing what is already done, but in a better way.
Cheaper, quicker and easier ways to run a business.

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Different Types of Innovations:Business Model Innovation

Change the way the industry operates.
It involves new venture or complete business restructure.
Ex:Apple that has evolved its customer offers of personal computers to
music delivery devices and service that ultimately included cellular phones.

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Attributes of Innovation
Attribution of innovation is a variable that determine the
adoption of innovation.

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Attributes of Innovation
Relative Advantage
Degree to which potential customers perceive a new product as
superior to existing substitute.

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Economic Factor
Initial cost

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Preventive innovations

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Status Aspect of Innovation

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Technological Clusters
One or more distinguishable elements of technology that are perceived as
being interrelated.

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Degree to which a new product is difficult to understand or use

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Degree to which potential consumers feel a new product is
consistent with their present needs value and practices.

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Degree to which a new product is capable of being tried on a limited basis

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Degree to which the results of an innovation are visible
to others. The easier it is for individuals to see the
results of an innovation, the more likely they are to

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Innovation distinguishes between a

leader and a follower. Steve Jobs

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