How is continuous improvement related to
innovation?
- Continuous improvement of a process leads to its
perfection
- In an attempt of continuous improvement, people come up with
new inventions
- These inventions could revolutionalize the entire process
What is breakthrough innovation?
- Innovations that are unique technological advances in a product
category
- Breakthrough Innovation takes a current process or product and
typically provides greater efficiency
- breakthrough innovation opens the company to new markets or
changes the way customers interact with the market
What are the
risks and rewards associated with innovation?
- Innovation could lead to creation of new products thus forming
new markets
- This could provide differentiation over its competitors
- It can bbe risky too as it can fail to impress the
audience
- Often R&D is very costly resource, thus it is very risky to
fail