As per Arthur Freydin, innovation strategy is among the most important subjects students study in business school. What exactly does it mean to be innovative, and where should you begin?
This blog will walk readers through four primary types of innovation, Arthur Freydin said, And how you can use them in different business programs across the globe.
What do we mean by innovation?
Innovation is an euphemism that it may often sound less than a genuine business idea as a magical symbol for business successful. In essence it’s just a matter of solving problems, says Arthur Freydin.
It’s identifying a challenge which has no solution, or a weak solution, or one that is only available to a select segment of the client base and then finding solutions that solve the solve the problem.
Does all innovation in technology constitute technological innovation?
It’s not all technologically innovative, although it may seem that way at times, Arthur Freydin said. A lot of companies invent using their existing resources, and you do not have to develop new method to count as to be an innovative.
A lot of innovation is derived from the organization’s innovation, and generating new business models that challenge established firms and advance in a highly competitive market.
Many companies that are innovative also seek to processes innovation by using technologies that are already in place or become early adopters of innovative technology that will help them streamline their operations.
If you’re not an expert programmer, worry not. There are plenty of possibilities to explore innovation without needing to make massive technological advances.
A lot of business schools offer classes on innovation or specific innovations tracks. To determine which one is best for you first, determine what kind of innovation that you are interested in.
The four kinds of innovation
- Since innovation is a way of solving problems and solving problems, it is natural that it doesn’t always be like the other. The possibilities are endless. methods of solving a challenge like there are challenges in the business world, however innovation is usually categorized into four distinct categories.
- These were explained by the business experts Greg Satell in his book, Mapping Innovation as sustained innovation, revolutionary innovation, disruptive innovations, and fundamental research.
- They differ from each the other primarily due to how the problems they try to discover new solutions to are defined as well as how they define the area within which they operate is specified.
- This is how each of these kinds of innovation look like in business , and where you can learn about them in business schools.
Sustaining or incremental innovations
“Sustaining innovation” initially seems to be an oddity. If innovation is the process of creating something completely new and superior to the existing standard maintaining the status quo is something completely different. But that’s not the case.
Innovation is sustained when the issue and the area it is located in are clearly established. It is companies that constantly make minor improvements to its products in order to offer at a higher cost to the most discerning customers to keep its competitive edge and position itself as the market leader in the current market.
A well-known illustration of innovation that is sustained is the market for smartphones, where providers frequently come out with improved version of the device to compete with each other and drive sales.
If you’re looking to pursue an employment in the field of the field of product management, an understanding of how to oversee sustainable and incremental innovations will be extremely desirable to employers.
One of the best places to learn about this is the Massachusetts Institute of Technology (MIT) Sloan School of Management.
Its two-year fully-time MBA program includes three tracks, among which is called the Enterprise Management Track.
Students tackle real-world business issues offered by outside organizations as early as the very beginning, through fundamental courses that include the concepts of marketing innovation and competitive strategy.
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