Innovation in Business: What It Is & Why It’s So Important

According to the article, innovation is a product, service, business model, or strategy that’s both novel and useful. Innovations don’t have to be major breakthroughs in technology or new business models; they can be as simple as upgrades to a company’s customer service or features added to an existing product.

Types of innovation:

• Sustaining innovation
• Disruptive innovation

The importance of innovation:

1. It allows adaptability
2. It fosters growth
3. It differentiates businesses from their competition

Four phases of innovation:

1. Clarify
2. Ideate
3. Develop
4. Implement

Human-centered Design:

1. Desirability
2. Feasibility
3. Viability