Let’s ponder on this:
“When Apple created iTunes it didn’t just create a faster, cheaper, better digital format for music, it altered the very nature of the relationship between music and people. eBay did not just create a platform for auctions, it changed the way we look at the experience of shopping and how community plays a role in the experience”. (Thomas Kouropoulos 2012)
How is Innovation Changing Us?
Incremental Innovation – It utilizes your existing technology and increases value to the customer (features, design changes, etc.) within your existing market. Almost all companies engage in incremental innovation in one form or another.
Architectural Innovation – It is simply taking the lessons, skills and overall technology and applying them within a different market. This innovation is amazing at increasing new customers as long as the new market is receptive.
Radical innovation – It is about new technologies replace old existing technology. i.e., Fax machines replacing telex machines. Email replacing fax machines. Radical innovations are for the most part new inventions that can be market disruptive.
Disruptive Innovation – Disruptive innovation, also known as stealth innovation, involves applying new technology or processes to your company’s current market. It is stealthy in nature since newer tech will often be inferior to existing market technology.
What does it mean to game-change?
Game-changing innovation transforms markets and even society. These innovations have a radical impact on how humans act, think and feel in some way. Innovations that reach this level are always able to define a new category and fulfil an essential unmet wish or need consumers to have.
The Relationship Between Creativity & Innovation
Ponder on this…
CREATIVITY + INNOVATION = LEADERSHIP (Market Leader)
|BASIS FOR COMPARISON||CREATIVITY||INNOVATION|
|Meaning||Creativity is an act of creating new ideas, imaginations and possibilities.||Innovation is the introduction of something new and effective in the market.|
|Related to||Thinking something new||Introducing something new|
The following are the major differences between Creativity and Innovation: