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Incremental Innovation is one of three types of innovation commonly used to nurture revenues by effectively growing market share.
Types of innovation
- Incremental innovation — 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 innovation — 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.
- Substantial innovation — Introducing a different product or service within the same line, such as the movement of a candle company into marketing the electric lightbulb.
References & Bibliography
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