Innovation Management - Radical and incremental innovation
4 important questions on Innovation Management - Radical and incremental innovation
Describe the levels of aggregation in systemic innovation
- Within a team
- Within a firm
- Between firms
- In the industry
- In an economic system
Describe the types of innovation at the component level
- Improvements to components
- Addition of new components to existing systems
- Incorporation of advanced materials in order to improve component performance
What are the 2 classifications in innovation by the degree of novelty?
- Incremental: slightly improved product, resulting in a faster, better, or cheaper version of an existing product
- Radical: important new development that leads to a new industry or way of operating
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Why have incremental innovations less risk?
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