After analysing many business innovations, I discovered that most breakthroughs don’t necessarily stem from engineering inventions or rare discoveries.
Business innovations can be categorized and used by anyone to analyze the competition, to test product weaknesses, or to find new opportunities for their products.
NOTE: New products are invented all the time but this is merely one way to innovate in business.
The biggest breakthroughs in history comprise some combination of 10 types of innovation.
| # | Innovation Type | Description |
|---|---|---|
| 1. | Profit Model | How you make money |
| 2. | Network | Connections with others to create value |
| 3. | Structure | Alignment of your talent and assets |
| 4. | Process | Signature of superior methods for doing your work |
| 5. | Product Performance | Distinguishing features and functionality |
| 6. | Product System | Complementary products and services |
| 7. | Service | Support and enhancements that surround your offerings |
| 8. | Channel | How your offerings are delivered to customers and users |
| 9. | Brand | Representation of your offerings and business |
| 10. | Customer Engagement | Distinctive interactions you foster |
How can your business approach the 10 types of innovation from a more tactical perspective? Let’s talk about it during a free call. Leave an email below. We will contact you to schedule a call.
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For those interested in learning more on this topic, I have more articles and sources across this website.
See you in the next post,
Patrycja Franczak
