Part of the problem with innovation today is the broad definitions that are being applied to the words involved. In reality, most people mean an 'invention process' followed by marketing that creates an innovation.
In this case, 'radical innovation' means innovating a new product or a new market, whereas incremental innovation would be adding innovations to an existing product/market. Radical innovation is often referred to as 'disruptive' innovation because the innovation disrupts existing products and markets.
All companies follow a similar lifecycle that eventually leads to:
1) Commoditized products
2) Destructive incremental innovations
3) Internal instead of external innovations (costs versus revenues)
ALL companies must do disruptive ('radical') innovation if they want to continue to succeed. Utilizing targeted innovation techniques it is possible to deliver disruptive innovations in far less time than the standard 3 to 7 years. This standard, multi-year time frame is a reflection of the normal randomness of most innovation processes. Targeted innovation, the process patented by Innovate the Future, Inc., eliminates the randomness and allows a clear analysis of market potential, revenue potential and minimization of risk. Delivery of innovations to market can occur in weeks instead of years.
David Croslin
President, Innovate the Future, Inc.
david@innovatethefuture.com
www.innovatethefuture.com
www.davidcroslin.com
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