There is often confusion that surrounds the definition of Innovation. Many think it is a synonym for invention. The two terms are related but they are different in key ways.

What Is Innovation

After many years of improvements, modifications, transformations to this invention, the trade and business of telephones worldwide now is nothing short of incredible.

It is this ability to make the next steps that we call innovation.

So, if invention is the discovery of something new, innovation is how to exploit the invention and commercialise it, to achieve economic benefits and profits and with the intention that it creates a general improvement for society.

Types of Innovation

There are various types of Innovation. Which one you select and how you utilize it is key to the success you hope to achieve; such as incremental Innovation which may include a simple addition to a product (an extra button on a phone for example), and design Innovation, such as developing standalone air-conditioning units as an alternative to window mounted ones.

Radical Innovation, such as the advent of the electric car, can have a huge impact and can allow businesses to make a quantum leap in their field.

Incremental Innovation

Incremental Innovation

It occurs by adding a simple addition either to the outside of the product, service or to a simple addition to the content of the product from the inside. For example, the launch of the iPhone X was not the invention of a new device, but the previous iPhone equipped with additional features and advantages. These additions attracted a new segment of customers and increased demand for the iPhone and thus increased sales, but it was not necessarily the sales trend and the crazy boom that happened when the first iPhone device appeared 10 years ago.
Model Innovation

Model Innovation

In this type additions are usually made to the product from the inside without any change to its external appearance. For example. a DVD player is an improvement to the CD player. The external shape of the product has not changed; however, the new device is based on the higher frequency blue ray rather than the red light, which resulted in higher speed and more clarity when viewing the picture and audio files, thus attracting new customers and new sales.
Design innovation

Design Innovation

This type of innovation changes the exterior of the product and may be accompanied by internal change. For example, switching from air-conditioned window-mounted air conditioners to separate-air-conditioner units. The technology and concept of cooling is the same, so the concept remains the same, but instead of the large size of the old air conditioner, the new unit is smaller and aesthetically pleasing.
Radical Innovation

Radical Innovation

It is the most powerful type of innovation and the most capable to create a revolution in demand because it takes you to another dimension in terms of concept and form. There are many examples on this such as innovation from fan ventilation and cooling to air-conditioning, and here we find that we have moved to a completely different dimension so you can imagine the jump in the mid-century in terms of revenues and profits, and the prominence and reputation of this innovation.