004: Types of Innovation
Episode 4 shares a short overview on the 3 Innovation Classifications when developing New products. I’m going to make a bold statement and say that anything can be innovated. I say this because even the most common items – from the air we breathe, the water we drink, even the dirt beneath our feet have been innovated. Just look at how the water market has exploded – from an incredible number of variations on bottled water, to Brita and Pur water filters, to commercial in-home water filtering systems. We now even have better dirt – some mixed with moisture-control pellets, some have been enhanced with nutrients and vitamins for optimal plant growth, not to mention dirt with built-in weed control. We even innovate beyond the creation of new products and services. We see process innovation, business model innovation, customer experience innovation, supply chain innovation and even crowdsourcing or open innovation. While we will be tapping into some of these topics in future podcasts, I’d like to focus today on New Products innovation.