According to the article, business innovation is the act of introducing something new to a company—whether it’s a new product, a new market strategy, a new method, and so on—in order to reinvigorate the company and promote new value and growth. Innovation is all about business leaders coming up with (or listening to) creative ideas, and then using strategic planning and decision-making to implement the new business ideas successfully.
The article focuses on the following topics:
- 3 Models of Business Innovation
- Revenue-model innovation
- Business-model innovation
- Industry-model innovation
- 3 Reasons Innovation Is Important for Businesses
- Innovation grows your business
- Innovation helps you stay ahead of the competition
- Innovation helps you take advantage of new technologies
- 3 Risks of Innovation
- Expense
- Scheduling
- Instability
