The Basics of Innovation – Types, Newness and Frequency

Innovation isn’t rocket science, but efficient and effective innovation requires some fundamental knowledge to avoid expensive mistakes.

There are two broad types of business innovation:

1. Internally – its resources and activities, and

2. Externally - the customer value proposition.

Innovation can also be categorised by the degrees of newness and frequency involved. It is important to understand the type and category of innovation you are seeking as they require trade-offs and different management techniques, tools and processes.