Businesses experience change at least four times every five years, with innovation allowing companies to survive in unprecedented times. For this reason, innovation has been named the secret to business success, enabling you to keep your products and services relevant as customer preferences change every few years. But how do you determine which type of innovation best suits your business?

Open Innovation

Open innovation employs internal and external ideas to advance existing products and services. By utilizing what is readily available in the market, entrepreneur innovation allows companies to reduce their costs and reduce the time spent on product advancement. The result is overall product differentiation, enabling you to get ahead of the competition in your line of work.

Breakthrough Innovation

Breakthrough innovation is also referred to as radical innovation and will often revolve around developing new ideas and concepts that pave the way for new products. More often than not, research and development teams will be tasked with this, with personnel relying on new technology to enhance this type of innovation.

Incremental Innovation

Incremental innovation focuses on making minor changes to existing products. These changes will often be completed in successive steps over time, allowing for incremental updates to secure a spot in the market. A common item in this category is the car, which relies on changes in evolving technology.

Disruptive Innovation

As the name suggests, disruptive innovation refers to new products that displace their competitors. These will often break barriers such as high costs, with convenience, affordability, accessibility, and simplicity pushing the product further into the market. Improved designs will often outperform older product models, with the mobile phone being an excellent example of disruptive innovation.

Reverse Innovation

Reverse innovation occurs when products and services are developed in developing nations, after which they are adopted in wealthier nations. These products will often solve existing problems, providing niche markets and entrepreneur innovation in more affluent countries.

The above are some examples of entrepreneur innovation skills that you can use to redefine your market and help your company stand out. If you are looking for ways to increase collaboration in your company, innovation will be the key. It will allow you to include your workforce in your projects while showing your customers that you will listen. Financing will be a large part of your next journey, an area that Quick Capital Funds can help with. Consider reaching out to us today for customized funding.