Innovation, by definition involves introducing something new. It is not a simple imitation, but an addition, however slight it may be. And at its creative extreme, it could be invention. Ms. Kiran Mazumdar Shaw of Bicon Ltd., categorized innovation into four broad types.
The first is what may be termed “incremental innovation.” This builds on an existing idea or model, product, process or service but innovates a bit on it. The effect is to lower the cost and increase the supply or availability.
The second category is “evolutionary innovation.” Here the innovator builds on what is known, and creates significant new value. It is evolutionary since it is the next step to the incremental. The innovation driver here is market leadership. The car, Tata Nano, exemplifies this well.
The third is the”breakthrough innovation.” This involves the creation of a radically new product, service, process or business model. Breakthrough is about new technology and novel products that are derived from experimental innovation. The electric car “Reva” or Biocon’s “oral insulin” exemplifies this.
The last and the most challenging category is “experimental innovation,” which in reality is close to or identical to invention. The driver here is the next practice. Fuel – cell based vehicles, stem cell therapy, gene therapy and application of nanotechnology are examples here.
The first is what may be termed “incremental innovation.” This builds on an existing idea or model, product, process or service but innovates a bit on it. The effect is to lower the cost and increase the supply or availability.
The second category is “evolutionary innovation.” Here the innovator builds on what is known, and creates significant new value. It is evolutionary since it is the next step to the incremental. The innovation driver here is market leadership. The car, Tata Nano, exemplifies this well.
The third is the”breakthrough innovation.” This involves the creation of a radically new product, service, process or business model. Breakthrough is about new technology and novel products that are derived from experimental innovation. The electric car “Reva” or Biocon’s “oral insulin” exemplifies this.
The last and the most challenging category is “experimental innovation,” which in reality is close to or identical to invention. The driver here is the next practice. Fuel – cell based vehicles, stem cell therapy, gene therapy and application of nanotechnology are examples here.
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