All business innovations may be categorized under four broad heads. They are basic research, sustaining, breakthrough and disruptive. Sustaining innovation is the conventional variation involving strategic road-mapping, research and development labs, and relying on acquisitions to bring in new skill sets and resources. Design thinking methods need to be applied in them. Breakthrough innovations are often carried out by mavericks and involves solving a problem arising out of any related development. Open innovation works best in such cases. Disruptive innovation is the most radical and this can afflict a lot of genuine good performers. Lean startup methods, business model canvas and the value proposition canvas are examples of such forces at play. Basic research is the prerequisite before anything substantial may get innovated. Scientific discoveries like the theories of Albert Einstein or Alan Turing did not on their own transform the world, but their contributions sparked changes far and wide. Top corporates such as IBM, Proctor and Gamble and Google, have massive resources which they use for such holistic research. A combination of these various approaches works best for any company.

Source:https://hbr.org/2017/06/the-4-types-of-innovation-and-the-problems-they-solve?referral=00563&cm_mmc=email-_-newsletter-_-daily_alert-_-alert_date&utm_source=newsletter_daily_alert&utm_medium=email&utm_campaign=alert_date&spMailingID=17504335&spUserID=OTY0OTMwNTk5NwS2&spJobID=1041632933&spReportId=MTA0MTYzMjkzMwS2

Uploaded Date:05/07/2017