PerformanceA superior level of performance such as an decision algorithm that makes more accurate and timely decisions than the competition.
CostDramatically reducing the cost of something. For example, an energy source that is ubiquitous and inexpensive including environmental costs.quality as perceived by customers.
CreativeInnovation can occur in creative fields such as art where a particular artist, work or technique inspires a shift in creative direction across a broad spectrum. In the art world, these are referred to as movements such as the Primitivism movement of the 19th century largely inspired by Paul Gauguin.
ExperiencesCustomer experiences that outdo the competition by a wide margin such as an amusement park that has a feeling to it that customers value. Innovation in areas such as urban design, transportation, education, public health and community that improve well being. For example, an approach to education in remote communities that reduces poverty and gives young people positive outlets for their energy.
ConnectednessInnovations that facilitate social processes such as professional networking.
InformationInformation tools, repositories and processing. For example, the internet represented an order of magnitude improvement over researching topics at your local library.
IntelligenceDecision making and problem solving capabilities.
MarketsCreating new two-sided markets or reinventing the economics of an existing market.
RiskReducing a risk. For example, retractable seat belts made cars far safer beginning in the 1950s.
|Overview: Types of Innovation|
Improving things dramatically all at once.