Innovation expert Ron Price explains what the four types of innovation are and how to use them in order to create value for your customers.
Episode Transcript
What are the four basic types of innovation? This is Ron Price, co-author of The Innovator’s Advantage. The four basic types of innovation are, first of all, products and services; processes, or the systems of tasks that need to be completed; third, positions; and finally, paradigms. First of all: products and services. These respond to a problem or an opportunity, and by creating some new product or service you help them to solve that problem. Next, processes are the systems of tasks that need to be completed and oftentimes innovation here is iterative or incremental, or it can be disruptive by creating a whole new process to get the same result to create the same value. The third type of innovation positions understanding your customers’ wants and needs, their contexts and their constraints, and reframing your solutions to create new value for them. And finally, changing the game by creating whole new paradigms, which might be creating a whole new space, whole new relationships, or whole new realities between you and your customers. So, until next time, keep innovating!
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