The emergence of new electronic devices, advanced medical technologies, new manufacturing systems, or new agricultural methods is all examples of technological innovation. But what is technological innovation and what do these developments have in common?
In essence, it can be clear as the introduction of significant changes in how we conduct business and meet human needs through technology. It covers various activities and processes related to creating, developing, implementing, and distributing new products, services, processes, or business models incorporating significant technological advances.
Types of Technological Innovation
Technological innovations always entail change. But contingent on the degree of influence on previous technologies, their impact on the market, and the potential risks and benefits they create, three types of innovation can be distinguished:
Progressive innovation
When technological innovations gradually affect a company’s processes or products, but do not change them or the values associated with them, they are considered progressive. If the improvement being implemented is progressive, the customer is already familiar with the product or service that is being innovated, just as employees are already familiar with the processes that are only slightly changed. Such a change poses little risk to the company, but the benefits are limited.
Disruptive innovation
Disruptive innovation involves a dramatic change in processes, products, and services that transforms the market. This involves increased risk, but also greater benefit for the company. In this case, the change attracts new customers and creates new value.
Radical innovation
Radical innovations do not create new products or services but create new needs, business models, and markets. Such changes are associated with high risks and high rewards.
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