Innovation approaches span a broad spectrum, from incremental to radical. Incremental innovation involves making small adjustments to existing products or services, while radical innovation disrupts existing markets or creates entirely new ones. There’s an ongoing debate about the relative merits of these approaches, with some arguing that radical innovation is riskier but potentially more rewarding, and others suggesting that incremental innovation is safer and more reliable.
Innovation models also vary, from closed to open. Closed innovation is the traditional model, where companies develop and commercialise their own ideas. Open innovation, on the other hand, involves collaborating with external partners. This approach can speed up the innovation process and bring in fresh perspectives, but it also raises issues around intellectual property and trust.
Innovation can be driven by different factors, including technology, business models, and social innovation. Technological innovation often gets the most attention, but business model innovation can be just as impactful. Social innovation, which focuses on meeting social needs and creating social value, is becoming increasingly important.
Innovation is not a one-size-fits-all process. Different approaches and models can be appropriate in different contexts, and successful innovation often involves a combination of different elements. The key is to understand the landscape of innovation approaches and choose the right ones for your specific situation.
Go to source article: https://www.nesta.org.uk/blog/landscape-of-innovation-approaches/