Innovations

Innovation is the process of creating value by doing something new or different. It can involve the introduction of new products, services, processes, or business models. Innovation can also be defined as the manifestation of creativity into a usable product or service.

There are different types of innovation, including:

Sustaining innovation:Improves an organization’s processes and technologies to improve its product line for an existing customer base

Disruptive innovation: Occurs when smaller companies challenge larger businesses

Expansive innovation: Results from exploring new ideas, such as testing and prototyping