Innovation is fundamental in the growth, productivity and economic wealth of our world. Innovation has the potential to reduce waste and minimise environmental damage, producing goods and services at a sound price.
For the average business, innovation can greatly improve function, efficiency and profits. If ones business is innovative in these practices, the companys value may increase, providing an incentive to pay more and consequently increase ones profits. It is through the product, process, service, business models, value, market that these improvements may occur.
There are varying degrees of innovation, which enable one to break down their intensity. incremental innovation is continuous, evolutionary and small, radical is disruptive, revolutionary and large, and semi radical falling somewhere in between.