Revolutionary innovations propelling growth
- sciart0
- 6 hours ago
- 1 min read
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Excerpt: Breakthrough innovations cover not just what companies offer but how they operate, interact with users, and go to market. Here are eight examples that are transforming industries and economies.
Innovation is a critical ingredient in any growth recipe. And the biggest growth—both for the innovator and the broader economy—comes from revolutionary innovations. Such breakthroughs don’t only result from new products or services. Some of the most important recent advances have been spurred by new business models, processes, and experiences.
We define these four categories of innovation as follows:
product or service innovation: an offering that either is new or improves an existing one
experience innovation: customer touchpoints and interactions that complement and improve offerings
process innovation: a new approach to developing, manufacturing, distributing, or delivering an offering
business model innovation: changing the value chain, diversifying profit streams, altering the economic model, or evolving the delivery approach of an offering