Which Four Types of Innovation Exist?
New technologies or business models that have the potential to disrupt established businesses are associated with disruptive innovation. Although initially disruptive innovations may be less efficient and effective than their predecessors, they will eventually surpass them, allowing them to dominate the market. Amazon's use of Internet-Technologies to revolutionize the bookselling industry and Apple's introduction of a touchscreen and intuitive user interface are examples of disruptive innovations. Product innovation consists of both new products and enhancements to existing ones. It can be as simple as adding a new feature to an existing product or as complicated as creating an entirely new product. Both types of innovations aim to meet consumer needs in novel and unanticipated ways, thereby making life easier. Product innovation can be viewed as a crucial factor in increasing employment in an industry, but it has a greater impact on a company's ability to generate pure p