Question
In: Finance
Give an example of radical innovation, and compare it to incremental innovation (how do you know...
Give an example of radical innovation, and compare it to incremental innovation (how do you know this is radical innovation?). Be original
Solutions
Expert Solution
Innovation can be of two types: radical innovation and incremental innovation.
Radical innovatio is the type of innovation which destroys the existing business model and replaces it with new model. It totally changes the existing system with totally new model. Example of radical change is from letter system of commuincation to e-mail system of today
Whereas, incremental innovation, is the result of series of small innovations made to company's existing product, process or method. This type of innovation makes the existing product more efficient and effective to meet up the competetive market. Example of incremental innovation is the changes in the serivces of e-mail system, to make more useful of people.
Therefore, when the change fully changes the existing system it is known as radical change, whereas, when the change doesn't fully destroy the existing system is known as incremental innovation, as it is incremental in nature.
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