The seminar this Monday explored how innovation is essential to the ever changing business world. However, innovation does not always mean a complete overhaul of a business, it can happen in smaller, less drastic ways and still be as effective. Innovation has to produce value in order for it to work. It has to be researched and tested so that a business can sustain and survive.
Bessant and Tidd identify in their chapter, four ways in which innovation can be used. Product innovation, which is creating a new product or service. Process innovation, changing how products are made. Position innovation, changing how the product is put on the market and moreover who the actual market for the product is. Paradigm innovation, which is a change in the values of the company itself.
Innovation can happen in many forms and although the word is often used to describe a drastic change in a business, a simple change in how businesses behave can be just as innovative.
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