Leadership Article 1 Page 14

The 3 Types of Innovation

Now to the point of this article, what types of Innovation are there?

1) Incremental Innovation

This type of Innovation is a series of small improvements or enhancements made to a company’s range of products, services, or internal processes. Any changes implemented via incremental innovation usually focus on improving an existing product’s development for efficiency to improve productivity in order to realise competitive advantage.

Most Companies use incremental innovation to improve market position. Incremental innovation is a common tactic in industries like consumer technology, where personal devices evolve by adopting customer−friendly features.