The Discipline Of Building Breakthroughs

10 Types of Innovation

The Discipline of Building Breakthroughs

Unlocking the Power of Innovation

Innovation is the key to unlocking the potential of any business. It's the driving force behind growth, competitiveness, and success. But what exactly is innovation? And how can you harness its power to benefit your company?

In his groundbreaking book, "Ten Types of Innovation," Larry Keeley defines innovation as "the process of creating a new or improved product or service that adds value to customers." He goes on to identify ten distinct types of innovation, each with its own unique characteristics and benefits.

**The ten types of innovation are:**

1. Product innovation: Creating a new product or service that meets a previously unmet need. 2. Process innovation: Developing a new or improved way of producing a product or service. 3. Business model innovation: Creating a new way of doing business that generates revenue. 4. Service innovation: Developing a new or improved service that meets a customer need. 5. Channel innovation: Creating a new or improved way of distributing a product or service. 6. Customer experience innovation: Improving the overall experience that customers have with a company. 7. Disruptive innovation: Creating a new product or service that disrupts an existing market. 8. Sustaining innovation: Making incremental improvements to an existing product or service. 9. Architectural innovation: Creating a new or improved platform or architecture that enables new products or services. 10. Radical innovation: Creating a completely new product or service that has no precedents.

By understanding the different types of innovation, you can better identify and leverage the opportunities that are most relevant to your business. Innovation is not always about creating something completely new. Even incremental improvements can have a significant impact on your bottom line.

If you're looking to boost your company's innovation quotient, start by assessing your current innovation capabilities. Are you focused on one type of innovation or are you exploring multiple avenues? What are your strengths and weaknesses? Once you have a clear understanding of your innovation landscape, you can develop a plan to improve your performance.

Innovation is not a one-time event. It's an ongoing process that requires continuous investment and effort. By embracing a culture of innovation, you can create a competitive advantage that will drive your business to new heights.