The 3 Types of Innovation: Product, Process, & Business Model

Product Innovation

When people think of innovation, often, they’re thinking of product innovation. Product innovation can come in three different forms.

  1. The development of a new product.
  2. An improvement of the performance of the existing product, such as an increase in the digital camera resolution.
  3. A new feature to an existing product, such as power windows to a car.

Process Innovation

Process is the combination of :

  1. Facilities
  2. Skills
  3. Technologies

All will produce, deliver, and support a product or provide a service. Within these broad categories, there are countless ways process can improve.

Business Model Innovation

Business model innovation does not necessarily imply changes in the product or even in the production process, but in the way as it is brought to the market.

Exceed Innovation offer the Mix of Products and Services : 

  1. Focus narrowly
  2. Search for commonalities across products
  3. Create a hedged portfolio
  4. Split up the key decisions
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