got innovation?

Recently, Rajnish Sinha, Manager- Talent Acquisition at Fiserv Global Services, has answered with a panoptic of innovation models to a LinkedIn question. Here it is:

Scholars have identified at a variety of classifications for types innovations. Here is an unordered ad-hoc list of examples:
  • Business model innovation: involves changing the way business is done in terms of capturing value.
  • Marketing innovation: is 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.
  • 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.
  • 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 .
  • Supply chain innovation: where innovations occur in the sourcing of input products from suppliers and the delivery of output products to customers
  • Substantial innovation: introduces a different product or service within the same line, such as the movement of a candle company into marketing the electric lightbulb.
  • Financial innovation: through which new financial services and products are developed, by combining basic financial attributes (ownership, risk-sharing, liquidity, credit) in progressive innovative ways, as well as reactive exploration of borders and strength of tax law. Through a cycle of development, directive compliance is being sharpened on opportunities, so new financial services and products are continuously shaped and progressed to be adopted.
  • Incremental innovations: is a step forward along a technology trajectory, or from the known to the unknown, with little uncertainty about outcomes and success and is generally minor improvements made by those working day to day with existing methods and technology (both process and product), responding to short term goals. Most innovations are incremental innovations. A value-added business process, this involves making minor changes over time to sustain the growth of a company without making sweeping changes to product lines, services, or markets in which competition currently exists.
  • Breakthrough, disruptive or radical innovation: involves launching an entirely novel product or service rather than providing improved products & services along the same lines as currently. The uncertainty of breakthrough innovations means that seldom do companies achieve their breakthrough goals this way, but those times that breakthrough innovation does work, the rewards can be tremendous. Involves larger leaps of understanding, perhaps demanding a new way of seeing the whole problem, probably taking a much larger risk than many people involved are happy about. There is often considerable uncertainty about future outcomes. There may be considerable opposition to the proposal and questions about the ethics, practicality or cost of the proposal may be raised. People may question if this is, or is not, an advancement of a technology or process. Radical innovation involves considerable change in basic technologies and methods, created by those working outside mainstream industry and outside existing paradigms. Sometimes it is very hard to draw a line between both.
  • New technological systems (systemic innovations): that may give rise to new industrial sectors, and induce major change across several branches of the economy.
  • Social innovation: a number of different definitions, but predominantly refers to either innovations that aim to meet a societal need or the social processes used to develop an innovation.

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