3 Types of Innovation in 2024

Source: LinkedIn

Innovation is not just about creating something from scratch with no specific goal, it is about focusing on something that is needed by the people, to increase performance, to provide people with new features and impressive updates. However, innovating something completely new in modern times is more difficult than you can imagine. There are almost eight billion people today on the planet and millions of them have created their own innovation that has had an impact on the market. At times it seems like everything has been already invented.

Of course, that is not true. We will never reach a point in time in humanity where “everything” is invented. There will always be something beyond that we still cannot comprehend at the moment.

So, as a business owner or someone who wants to create a new product, you will need to create an idea that will be unique and that will differentiate from your competition. Keep in mind that the people’s idea of what they need and want is constantly changing which means you will have to be up-to-date with their needs.

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So, how do successful innovators manage to constantly satisfy the needs of their customers with a brand new creation? Well, they are constantly following the “rules” of the types of innovation. If you want to be one of those successful innovators then you will have to abide by these types too. To help you in this matter we have made this list of the different types of innovation.

1. Incremental

Source: AllEvents

One of the most common types that everyone is familiar with is incremental innovation. It basically means that a business’s products, services, and concepts are constantly updated instead of having to start from scratch. Instead of having to spend millions of dollars into R&D to create something that may not succeed in the market, by spending just a third of the amount you would invest in a new idea, you can make the already existing product into something much better.

In just a year or two, a business can make very small variations to an item that could make it a lot more appealing to the target audience.

Let’s take phones as an example, smartphones to be exact. We see big companies as Samsung, Apple, Huawei, etc. constantly releasing new phones every year that are a generational leap from the previous one. The iPhone 10 to the iPhone 11, the Galaxy s10 to the S20 and so on. All of these smartphones are not exactly a brand new innovation. They use their previous blueprints and new technology to make them smaller, more powerful, longer-lasting and more attractive (depends on your taste).

Since they already have an idea of what the people like and what they should create, the value of their costs can reduce even further.

This kind of innovation does not create new markets, but if you already have success in some markets, there is simply no reason to risk creating new ones. No matter what type of idea you have, being an inventor in this world is definitely difficult. Check out InventHelp if you need some help regarding your brand new innovation.

2. Disruptive

Source: LinkedIn

The concept of disruptive innovation is a bit riskier than all the other types. It is the idea of a new contender on the market to bring in a brand new product or service that is completely different than what is already available for the consumers. If this innovation manages to break through the mainstream business models disrupt the industry and cause a complete change in both the needs of the customers and companies.

Setting completely different standards than what everyone else is used to is great for the company creating the disruption, but is costly for every other business in the industry (unless they already have a similar idea in works). Businesses will be forced to adjust to these new standards that the disruption set to satisfy customers.

Keep in mind that this kind of move is very risky because if the chances of such a product failing are much higher. All the money that goes into research and development will go to waste.

A great example of disruptive innovation is Tesla’s brand new vehicle models. With the release of the Model 3, Model X and Model S, many people become obsessed with the idea of a fully electric vehicle. Previously a completely EV vehicle was never in the size of a sedan or an SUV that can deliver so much power. Tesla created something unique that delivers a lot of performance in both horsepower and battery power.

This kind of move from Tesla is what caused every single other car manufacturer in this world to start creating their own all-electric vehicles. Jaguar’s I-Pace is an EV SUV which was released a few months after the Model X. The Porsche Taycan Turbo S is another completely EV vehicle that was released to compete against Tesla’s Model S.

This shows just how big of a risk creating something so disruptive can be, but also how profitable it can be too. Tesla did struggle at first with its budget, but the profits and growth of this company have jumped several times.

3. Radical

Source: Radical innovation

A type of innovation that is completely unexpected and it usually solves problems that people didn’t know they ever had. With the uses of a brand new business idea and new technologies, a company can create such a radical product. This type of product can also cause a complete turnover in the market.

This type of innovation is much more uncommon than any other.

A great example of such a radical event was the innovation of the Internet. Accessing information and the media was completely different. To see the latest news you would have to go out and get a newspaper at the local shop, you had to buy CDs and communication was limited to phones and mail. When the internet finally became a cheap service and everyone started getting it installed in their own homes, everything about sharing information completely changed. Every company in the world had to readjust to this new way of sharing information.