Importance of Different Types of Innovation in Business


You simply can not threaten the importance of creativity and innovation in any business. So what exactly is creativity and how it is related with innovation? Which one is more beneficial from the business point of view? The answer is; both have own importance and we can not neglect any of these. While creativity is the process that concerns itself to the birth of an idea, on the other hand, innovation is the process that starts where the creativity ends. Innovation is essentially the implementation of this idea and making it a commercial success.

There are various types of innovation in business. Some of them concern themselves with taking forward the existing creative idea and some of them help in the commercialization of the products that are based on a whole new idea. The success of any business is dependent on the type of creative idea on which it is based. Therefore, the most valuable thing is to select the best creative idea. As far as the creative ideas are concerned, you will find so many examples of creativity in business. Let's have a look at the types of innovation in business.

  • Innovations based on the entirely new idea: The fact of the matter is, you can find so many examples of creativity in business, but the numbers of innovations you find in any business are substantially less. So what do you think is responsible for this? The reason is clear; most of these creative ideas are either useless or simply not feasible. In order to come up with a superb product based on a new idea, you must consider so many parameters such as; the customers' needs their complaints and suggestions with the existing products, and so on and so forth. However, if you become successful in coming up with a ground breaking innovation, then the benefits are truly endless.
  • Innovations based on the existing products: It's not necessary that you have to come up with an earth shattering and ground breaking idea for some really terrifying types of innovation in business, but you can also improve the existing products. You can add new useful features to your products, improve their efficiency, and you can simply make your products more user friendly and so on and so forth; there are simply so many examples of creativity in business that you can use to improve the existing products.
  • Innovation based on using the existing systems for new revenue generation: There are certain processes and procedures that are inherent to every business. These existing examples of creativity in business come after years of expertise in a particular business. You always have the option to sell these procedures to new businesses or you can think of even marketing and licensing one of your in-house processes etc; the possibilities are truly endless. This is also one of the excellent types of innovation in business.

Simply you can choose any one of these types of innovation in business or all of them. This is indispensable if you seriously want to see your business grows and flourishes as innovation and creativity are the cornerstones of any successful business.

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