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The novelty that is essential to
→
innovation
may arise in several ways:
Invention
Exploitation of
invention arising out of the
research laboratory or
individual inventors
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Adaptation
Taking an idea from another business sector and adapting it for use
in your own production processes or market.
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Value Innovation
Presenting a
radical change that will be
→
perceived
by customers as offering more or better
→
value.
Resulted from the search for
new,
→
untapped
market space,
value innovation may rely on
technological innovation, or on reconfiguring existing products and
services.
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New
→
Business Models
Introduction of a
comprehensively new approach to a business with the objective of
creating new market space, or increasing
→
profitability
in an existing market.
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